Bookkeeping and Accounting for Sculptors

As a sculptor, you can claim back various expenses on your tax return as business deductions, including:

• Studio expenses: If you have a studio for your work, you can typically write off part or all of your rent and utilities. If you work from home, a portion of your mortgage and home expenses could be deductible.
• Supplies and materials: Expenses for supplies and materials used in your sculpting, such as clay, stone, bronze, tools, and other materials, can be claimed as deductions.
• Travel and vehicle use: If you travel for your art, you could deduct your travel expenses. If you use your car for your business, you can claim the business portion of your auto expenses.
• Advertising and promotion: Costs associated with marketing and promoting your work, such as advertising, website maintenance, and public relations can be claimed.
• Professional development: If you take courses to improve your sculpture skills, such costs could be deductible.
• Depreciation: If you have invested in expensive equipment for your sculpting, you may be able to claim depreciation.

Remember, each person's tax situation is unique so it's important to talk with a tax professional to make sure you're deducting all applicable expenses.

Recording income from sculpture sales or commissions should be done by creating an invoice for each sale or commission. The invoice should detail the name of the buyer or commissioning party, the date of the sale or completion of the commission, the amount charged, and a brief description of the work. It's also essential to categorize this income appropriately in your financial records - typically, this would fall under the 'Sales' category. Recording this way will ensure you have a clear and organized understanding of your income. It's advisable to consult with a professional bookkeeper to ensure correct implementation.

Bench offers comprehensive accounting support tailored towards the unique needs of professional artists, including sculptors. Our suite of services includes income and expense tracking, financial statement preparation, tax-ready financial summaries, and unlimited support with a team of expert bookkeepers. We understand the financial complexities that come with being an artist, and we are here to simplify and manage your accounting processes, allowing you more time to devote to creating great art.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.