An Artistic Way to Pay Your Taxes
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.
How Top Performers Stay Out of Their Own Way
How Top Performers Stay Out of Their Own Way What is a high performer? Does it mean you’ve been promoted to an upper-level position in a company? Does it mean you set and achieve goals at a high level? Does it mean you always come out on top in your professional life? Those all fit…
The Tax Cuts and Jobs Act and the Economy
The Tax Cuts and Jobs Act and the Economy The largest tax reform in recent history is now upon us and since it has already gone into effect, many people are wondering what comes next. While it won’t affect your tax bill this 2017 filling season you should expect to see some changes over the…
Bitcoin and your tax bill
Bitcoin and your tax bill Ripple. Ethereum. Litecoin. Dash. Monero. And the oh so famous Bitcoin. All of these are different cryptocurrencies which recently have been all the rage among investors, and with their extreme volatility, their future is constantly in question. What is Cryptocurrency Now for those who don’t know, cryptocurrency is a form of digital…
Are You Ready for the 2018 Tax Filing Season?
Are You Ready for the 2018 Tax Filing Season? The tax season is just about here and that means it’s already past time to start getting ready to file your return. With that in mind, here are some tried and true tips that you can use to help you get prepared. First off, start gathering…