Making a body of work is one of the first stages to becoming an independent artist. You can achieve this by experimenting with various formats, aesthetics, and topics until you discover your specialty. When you have a body of work to show, you may begin to promote yourself by setting up a website, social media profiles, and going to regional art events and fairs.
Despite the fact that many independent artists only sell their work as a pastime, it is feasible to make it a full-time job. You will need to register as a business entity and write a business plan in order to accomplish this. A sole proprietorship, LLC, or S Corp may be used for this. Every alternative has advantages and disadvantages of its own, so it is crucial to do your research and pick the one that best suits your requirements.
You have the option to pay yourself a salary or get distributions as an LLC owner. Payroll taxes apply to the salary but not to distributions. Similar regulations about payroll taxes apply to S Corps, but they also demand that the owner get a fair remuneration. Tax-wise, this may be advantageous as it may lower the amount of self-employment tax due.
S Corps and LLCs both have advantages in terms of taxes. LLCs are taxed as pass-through entities, which means that the owner’s personal tax return is where the earnings and losses are disclosed. Pass-through taxes is another feature of S Corps, but they can also provide other tax advantages including the ability to write off health insurance premiums.
There are many advantages to forming an LLC, including limited liability protection, tax flexibility, and simplicity of management. Additionally, it raises the professionalism of your company, which may assist you draw in clients and customers.
In conclusion, it takes effort and commitment to succeed as an independent artist, but it is possible to make your love your profession. You can start the process of establishing your own art business by constructing a portfolio, marketing yourself, and registering as a business organization. There are several solutions available to support your success, whether you decide to sell your art as a hobby or as a full-time company.