Hobby or Business?

Posted Apr 17, 2025 | Financial Matters,

by Sue Greenberg, VLAA executive director Creatives often ask about deducting their business expenses when they are getting ready to file their Schedule C Profit or Loss from Business with their federal tax returns. Generally, if your business deductions exceed your income for the tax year, you can claim a loss,...

2025 Tax Preparation Assistance

Posted Jan 21, 2025 | Financial Matters,

Our volunteer accountants aren’t available to prepare tax returns for our pro bono clients until May. As a courtesy, here are are some options to consider if you need assistance: STL Tax Counselors at the Salvation Army STL Tax Counselors prepares tax returns at the Salvation Army in South...

Recordkeeping Resolutions

Posted Jan 02, 2025 | Financial Matters,

By Sue Greenberg, executive director As we begin 2025, here’s a suggestion that will pay off: Take deliberate control of your creative business by spending 15 minutes per week on recordkeeping. A complete set of records will help you track your income, assets, and expenses. Additionally, your records (including...

Missouri’s Nonresident Entertainer Tax

Posted Jul 05, 2023 | Financial Matters,

by Sue Greenberg, executive director Like most other states, Missouri requires visiting entertainers and professional athletes to pay state income taxes. The tax, known as the “jock tax” in the sports world, is of special interest to nonprofit arts organizations not only because its proceeds should be funding the...

A More Meaningful Board Treasurer

Posted Mar 22, 2023 | Financial Matters,

By Sue Greenberg, VLAA Executive Director As outlined in most by-laws, the treasurer is the organization’s principal financial officer. The treasurer’s duties may include: making regular financial reports to the board; overseeing the preparation of the annual budget and monitoring its implementation; chairing the finance committee; ensuring that all...

Don’t Make Us Cry

Posted May 02, 2024 | Financial Matters,

Not long ago, we heard from yet another small nonprofit art organization that lost its tax-exempt status. Why? No one remembered to file the organization’s IRS 990-N. Also known as the e-Postcard, the form is used by tax-exempt organizations whose annual gross receipts are normally $50,000 or less. The...

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