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Question for Artists!

I realized, as my printer begged for an ink refill, that I really need to sit down and ensure that my artistic endeavors are paying for themselves. I made enough money in 2009 to cover the expenses I incurred in that year (more or less, I need to do better with that in 2010), but I haven't been keeping art money separate from personal and household monies, and I'm wondering if I should change that.

How do all of you that create as a significant part of your income do this? Do you have a separate account for your business, and just guestimate the operating costs each year, or do you mingle your proceeds with your personal monies and just keep track on paper?

I'm asking, because I feel uncomfortable going to roho (although he is incredibly supportive) with my hand out when I realize I need cash for art-related things, and I'm curious how the rest of you handle it.

Feedback is greatly appreciated! :)

Comments

kiri_moth
Feb. 24th, 2010 06:38 pm (UTC)
I do end up mingling my monies, since I'm the sole proprietor and the only one any of the money belongs to (but I think technically you're supposed to keep all funds separate). I'm licensed and pay taxes as a small business (in addition to having a day job), so I HAVE to keep track of my income - and expenses if I want to have anything to write off at the end of the year.

I just keep an Excel spreadsheet of incoming and outgoing funds. Save all receipts and pay stubs for proof of income and expenses. I have two bank accounts, one with BofA for personal funds, and one with Chase for business - they offer free checking accounts for small businesses.
enveri
Feb. 24th, 2010 11:14 pm (UTC)
Chase is my first choice, I think. I am registered for a FEIN, and I pay sales taxes in two states, and my income tax in a third; since I do the convention circuit.

Thank you! I'm always intrigued and interested in the ways other people do business, as there's always something interesting to learn. :D

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