An Artistic Way to Pay Your Taxes

Oil,Painting,-,Sailing,Boat

Many wealthy individuals enjoy collecting things, including artwork. While artwork can be a source of income for some, as well as solely a collectible for others, it can’t be used it to pay your taxes. Well, at least not in the United States, anyways. However, there are some countries in which artwork is a completely acceptable way to pay your taxes.

In the United Kingdom, for example, between the years 2009 and 2013 alone, taxpayers used £124.5 million worth of art to reduce their tax bill. UK citizens can even get the full fair market value off their art without having to sale it. Plus they don’t have to pay taxes on any gain. The program used to be mainly for estate taxes, but since 2013 residents of the UK can use it to settle their unpaid taxes.

Meantime, in Mexico, the art-for-taxes program is even sweeter, especially for artists, who can actually donate their works instead of paying taxes. The program allows artists to donate the same amount of artwork as the value of the pieces they sell each year. It not only encourages talented artists to continue creating, but it has also helped the country accumulate a large and valuable collection of some the country’s most recognized artists.

Although this program seems to work well in these countries there is no such program in the U.S. However, for professional artists in the U.S. there are many tax deductions available, which can help reduce their tax bill. So although artists and collectors might not be able to pay the IRS in paintings and sculptors, with the right tax planning help from GROCO they can still come out ahead.

Posted in ,
Prasad Kaipa; Dumb decisions

Prasad Kaipa: Spiritually Connecting with Others

Prasad Kaipa, Spirituality Connecting with Others, interview transcript, by Alan Olsen for The American Dreams Show: Alan Olsen: Can you share a little about your background? Prasad Kaipa: I got a PhD in physics from India, the Indian Institute of Technology in Chennai. And that was in 1981. And I came to University of Utah,…

Karen Schmeiser

Karen Schmeiser: Journey of Faith

Karen Schmeiser, Journey of Faith, interview transcript, by Alan Olsen for The American Dreams Show: Alan Olsen: Can you give us a little background on your Journey of Faith you did journeys of faith, how many paintings are inside of that? Karen Schmeiser: Okay, there’s five paintings. And if you want to know a little…

Life Built Upon Pillars - The Venice Life-Structure

Life Built Upon Pillars – The Venice Life-Structure

Is your life built upon pillars? Will your future wealth be dependent on today’s income? As always, it depends! It depends on so many factors that even tomorrow can be a game changer in either a wealthier direction or into a more uncomfortable financial situation. Therefore, it is important to have a strong structure from…

Why I will be better in 2021

Why I Will be Better in 2021

Why I will be better in 2021 and 2022.  Every year, millions of New Year’s resolutions are made on January 1st, and like mine, many of them never make it past January 31st.  But this year I want to be better: better at setting goals and better at reaching them.  In 2020 I learned a…