Minneapolis – On August 18, Forecast grantees heard presentations designed to help them plan effectively and make the most of their work as artists.
- Beth Franklin from Fox Tax walked grantees through key tax considerations for artists, from the designation of art as hobby versus business to profits and deductions, record keeping and LLC status. Check out Fox Tax’s Tax Organizers and Worksheets.
- Attorney Walter Lehmann from Lehmann PLC provided an overview of how the law treats intellectual property, including copyright for commissioned works, the Visual Artist Rights Act and the importance of creating clear commission agreements up-front. Check out the Tools & Resources for Public Art compiled by Americans for the Arts. Of particular interest are Copyrights & Copywrongs and their Model Public Art Commission Agreement.
- Dan Schlesinger, Financial Advisor for RBC Wealth Management’s Schlesinger Investment Group, helped grantees take a long-view, going over the basics of retirement planning, IRA accounts and calculating net worth, as well as highlighting the key retirement question, “Do I have the ability to retire and sustain my lifestyle?” Check out mint.com for free budgeting software.
Our speakers shared a range of important details, tips, and resources, but their advice had one important take-away in common: Take the time to plan now and avoid headaches in the future!