18 ~ Sunday, December 15, 1985 - North Shore News Business Self-employment can work to tax advantage FILING AN income tax return can be an art unto itself, especially if you’re earning your income as a writer, visual artist or performing artist. Sometimes, the money you make from your art or craft isn’t enough to pay the bills, let alone generate tax- able income. If you're losing money instead, and have to: take on a regular, salaried job as well, the fact that you're a self-employed artist . can work to your advantage. Any losses incurred in the course of your self-employ- ment can. be deducted against. income from’ your other job. The trick is to convince Revenue. Canada’ that you are pursuing art as a’ business,. rather than a. hobby. . ‘Accountants Jacqueline Burrows ‘and Bob Schneider - of Yada, Thompkins, Hum-~ phries, Palmer & Co. listed ° some general criteria that. can be-used to differentiate business’ from hobby, at a recent People’s Law. School seminar. , _ First, look at the amount of time spent pursuing the art or craft. Has the end result been exhibited, per- formed or published? Now look at how marketable it is. ‘ - Men's & Ladies' Leather Wallets ’ starting at Have there been any signifi- cant sales? Are sales increas- ing over time? How much effort was made to promote the work? The trick is to take a very businesslike approach. Hav- ing an office and separate bank account for your business will help. (If your office or studio is in the “home, part of your rent, ‘mortgage payments, or property tax becomes deduc- tible as a business expense.) . ' “! Bookkeeping. is essential. ’ Keep track of everything ‘on a accrual basis, rather than ona cash basis. (Tally the debits and credits for your business year as they are in- curred, rather than when the bills are actually paid or the cheques actually received.) Keep every receipt. As a self-employed per- son, you will be able to deduct all sorts of expenses: travel to and from a per- formance, auto expenses that relate to business, enter- Ladies’ Leather Handbags Starting at Designer Cords & Jeans : — Designer Outlet 1533 Lonsdale, North Van. Open 10-5:30 Mon.-Sat., 980-4163 12-4 Sunday Discount Designer Fashions We have beautiful silk and polyester dresses, gorgeous sweaters, and fabulous fall and winter sportswear at 30%-70% off regular retail prices. “Santa wouldn’t shop anywhere else.” Special hours and complimentary gift wrapping | for gentlemen customers: “Mon. Dec. 16 5:30-8 pm | Pues. Dec. 17 5:30-8 pm ' 1079-Marine Dr., North Vancouver 980-2208 taining of clients (jot down a note on the back of your receipt about who you enter- tained and why), member- ship dues, magazine subscriptions, insurance on and repairs to instruments or other equipment, the cost of supplies, publicity expenses, telephone expenses, etc. The catchword is that an expense must be reasonably expected to produce income. Artists are also allowed to deduct the cost of music, ac- ting or other lessons to develop their talent. You can even claim depreciation on your instruments or equip- ment. (This is called a capi- tal cost allowance.) Sometimes, a performing artist is considered a salaried employee, rather than a freelance performer. Generally, a self-employed artist will: provide his own instrument and equipment, audition and work for more than one company during the year, retain an agent, hire his own helpers, arrange the time and place of a per- formace and be paid by the performance. - “ OUR REGULAR PRICES WALLPAPER RNCIPACTIO VANCOUVER tt COMMUNITY > Continuing Educat: 3n Division otters the WORKERS’ COMPENSATION BOARD INDUSTRIAL FIRST-AID CERTIFICATE PROGRAM This certificate will better prepare you to compete in the job market or to gain advancement in your present position! The course Is 60 hours and is offered conveniently downtown at the WI, just 2 minutes from the SKYTRAIN Stadium Station, and prepares .- you to pass the WCB exams. Tuition is $275.00 which includes the ex. - amination tee and all course material. SCHEDULE —- ‘ Mon, and Wed., Jan..20 to Mar, 26 or a Tues. and Thurs,, Jan. 21 to Mar. 27 or . Mon. to Fri., Mar. 3 to Mar. 14 LOCATION 7-10 pm 7 7-10 pm Bam-3 pam Vancouver Vocational Institute, 250 W. Pender St., Room 229 . REGISTRATION ” Call 682-5844 to use your VISA; mail your cheque to Vancouver Com-. munity College, Continuing Education Division, 250 W. Pender St..or - . register in person at the Continuing Education Office, 250 W. Pender.” [Cioversae) Ay _PAINT N’PAPER . aa OUR REGULAR PRICES ‘INTERIOR WHITE ~ SUPER EGGSHELL LATEX A scrubbable low sheen paint, Save 30% off our regular selling price of alt * Wallpaper bin stocks plus... pre-inventory Prices on ail floor stocks. 1629 Lonsdale Ave Across from Supervalu 985-0823 HOURS: Monday-Thursday 7:30 am-5:30 pm Friday 7:30 am-9:00 pm Saturday 9:00 am-5:30 pm Sunday 10:00 am-5:00 pm SALE available in hundreds of colours. Reg. $22.98 4. 178 SUPER EGGSHELL LATEX oe weit PAINTN'’PAPER | ff