RunawayDanish
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Doodles & Commissions I've done recently + Notes on Taxes 2022
🕑 Added 2021-11-29 12:35:16 +0000 UTCQuick bulk upload of all the junk that's been drawn in the last idk month or so? As I get my life back on track thanks to the new medication (we're ~18 days in), I've made some good progress on chopping down the big backlog. However, I've still got a lot to do, so I thought I'd go ahead and note:
1. OCT. Doodle Rewards will be worked on this week probably around DEC 1st
2. NOV. Doodle Rewards will follow right-after, last call will be Friday DEC 3rd
3. The Commission Queue is slowly being worked down! I have one that is paid and waiting on Commissioner Feedback, two I'm planning right after posting this, and seven still in the queue. I'm working on another private image sequence presently, but that'll probably get done Tuesday the 30th.
4. I have two pre-paid B/W Sketch Comms to work on, one for Xeros and one for Stinkies, I also owe Jak S. a single-character pin-up from that poll a while back.
5. A few folks have tapped out of the Patreon entirely as of late, I'm hoping I will remember to send them their doodle rewards. I know that Waffle and Avii are the main folks I'm aware of who had to tap out recently (this is more for my notes).
OK, that all out of the way, let's talk about what's coming up regarding my business and the Patreon. This is part of my standard practice of [Annual Transparency Reporting], which I know seems weird but when I joined the fandom there was a lot of fixation on profiting from the fandom.
TAX SEASON 2022 is going to probably be a nightmare. I will let you all know how fucked it gets, if it gets fucked. I'm expecting at the moment to be paying down something like pre-deductions $5554 usd in taxes...before deductions. I was unable to set up Quarterly Filing, so this might be a coup de grace to my entire financial everything. I have a very, very small set of deductions I can do.
- Firstly, my Self Employment Tax figure is like, 2700. You divide that by two and deduct the difference (~1350) from your income tax when you are calculating said income tax.
- Secondly, an amusing 2017 Trump Administration tax law, the "Tax Cuts and Jobs Act" remains in effect as far as I can tell (will ask the IRS later), which may permit [up to] 20% of my business income to be deducted as a "Personal deduction", which would technically mean I could deduct an additional chunk off...
- But more importantly, thirdly, the Standard Deduction may be the way to go. Since my income is so low, the 2022 Standard Deduction of $12,950 would make my effective income for the year 5,050$ (assuming 18k income), meaning I would owe about 505$ in income tax. Doing this [instead] of my tax reporting would mean I'm mostly on the hook for my Self Employment tax.
So about that Self-Employment Tax, the scarier, 2700$ figure. There's a couple of business expenses I can write-off. Chiefly among them is a portion of my rent, which is a *maybe* I can write like 300$ off. I have other expenses I can call business expenses, which are I think my Renter's insurance, a pdf software purchase, and the computer I got at the start of the year, which could be up to about $2200 in deductions. If I get everything approved, well, that could put my tax debt to a fairly manageable ~$500 in total (but more likely, it'll only drop my owed by a few hundred).
Why talk about Taxes? Well, I think mainly, my journey through learning all of this information was unorthodox, required a lot of referring to many resources, and now I'm just trying to see how I can file. It's a mess, I'll still be consulting with some kind of professional probably.
Much love, more art to come!
Comments
Ashgar
I recommend getting a professional. It sucks to have to do this, but it's a lot cheaper than getting a letter from the IRS later, and they may be able to figure out the best way for you to pay the least amount of money anyway. Don't ask me how I know.
