TAX BASICS FOR CREATIVES - Tax Workshop - Highlight 2024 changes

Sep 19, 2026

Upload by Levi

Tax Basics for Creatives covers how federal income taxes work, with a focus on 2024 updates relevant to artists and other creatives. The workshop highlights changes such as retirement contribution limits, standard deduction increases, tax bracket adjustments, and the new mileage rate. It also explains key forms and requirements, including how 1099-K rules may affect reporting and how FinCEN’s BOI beneficial ownership filing works, including who is impacted, what actions to take, deadlines, free completion guidance, and potential penalties.

LanguageEnglish

CategoryPresentations

FormatPDF

Pages38

Reading Time13 min

AccessFree to download

Our Goal

What Is New This Year?

2024 Changes

1099-K Rules and Suggestions

What Is a BOI or AFINCEN?

FinCEN’s BOI Requirement

How Do Federal Income Taxes Work?

1/24/24 TAX BASICS FOR CREATIVES South Arts Tax Workshop | January 25, 2023 1 OUR GOAL: To make navigating tax season a bit easier. 2 1/24/24 MORE SPECIFICALLY Highlight 2024 changes. Review overall income tax landscape. Identify ordinary and necessary business expenses. Identify effective records and systems. 2024 MINERVA FINANCIAL ARTS 3 | ELAINE GROGAN LUTTRULL
CPA-PFS, AFC®(she/her)
|

Photo credit: Alissa Ohashi
[www.alissaohashiart.com](www.alissaohashiart.com) | | --- | --- | 4 1/24/24 BRIEF DISCLAIMER THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. THIS INFORMATION SHOULD NOT BE RELIED UPON FOR TAX, LEGAL, OR ACCOUNTING PURPOSES, OR TO AVOID PENALTIES UNDER SECTION 230. TAX LAWS AND FINANCIAL PLANNING CONVERSATIONS ARE NUANCED AND SPECIFIC, AND LEARNING ABOUT THESE TOPICS IN A GROUP SETTING IS NO SUBSTITUTE FOR CONSULTING WITH A PROFESSIONAL WHO KNOWS THE DETAILS OF YOUR UNIQUE SITUATION 9 WHAT IS NEW THIS YEAR? 2024 MINERVA FINANCIAL ARTS 10 1/24/24 2024 CHANGES Regular Changes Retirement contribution limits Standard deduction increases Tax bracket changes New mileage rate | 2023 Retirement Contribution Limits | | | --- | --- | | IRA | $6,500
($7,500 if over 50) | 11 2024 CHANGES Regular Changes Retirement contribution limits Standard deduction increases Tax bracket changes New mileage rate | 2023 Standard Deductions | | | --- | --- | | Single | $13,850 | | MFJ | $22,700 | | MFS | $13,850 | | HoH | $20,800 | 12 1/24/24 2024 CHANGES Regular Changes Retirement contribution limits Standard deduction increases Tax bracket changes New mileage rate | Standard Mileage Rates | | | --- | --- | | 2023 | $0.655 | | 2024 | $0.67 | 13 2024 CHANGES Regular Changes Retirement contribution limits Standard deduction increases Tax bracket changes New mileage rate New Changes 1099-K FinCEN’s BOI Requirement 14 1/24/24 WHAT ABOUT 1099-KS? 2024 MINERVA FINANCIAL ARTS 15 1099-K RULES 1099-K is a form you’ll get from payment apps if your activity exceeds a certain level. 2023 Limits 2023 limit is $20k from 20+ transactions $600 threshold does not apply for 2023 . 2024 Limits TBD, but the IRS is planning for $5k (IRS Notice 2023-74) 16 1/24/24 1099-K SUGGESTIONS Key Point Clean up your recordkeeping practices for 2024 by separating business and personal payment apps and keeping excellent records of money movement. Remember: Income is taxable regardless of the thresholds for issuing 1099s. For further reading: • [https://www.irs.gov/1099k](https://www.irs.gov/1099k) 17 WHAT IS A BOI? OR AFINCEN? 2024 MINERVA FINANCIAL ARTS 18 1/24/24 FINCEN’S BOI REQUIREMENT Definitions: FinCEN is the Financial Crimes Enforcement Network, a division of the U.S. Treasury. BOI is Beneficial Ownership Information. A beneficial owner is someone who controls the company or owns 25% or more of the company. Key Point: FinCEN is requiring businesses to report information about their beneficial owners as an anti-money laundering practice. 19 FINCEN’S BOI REQUIREMENT Does It Apply to Me? It applies to LLCs and Corporations, but not generally sole proprietors (unless you had to file paperwork with your secretary of state) . Getting an EIN or registering a fictitious name does not trigger a filing requirement. 20 1/24/24 FINCEN’S BOI REQUIREMENT What Do I Need to Do? Complete the form online before December 31, 2024 . Within 90 days of formation if you formed an entity in 2024 . Update the form within 30 days if any information changes. For Further Reading The Small Business Resources are excellent: [https://www.fincen.gov/boi/small-business-resources](https://www.fincen.gov/boi/small-business-resources) Here’s the direct link to FinCEN: [https://www.fincen.gov/boi](https://www.fincen.gov/boi)

FAQs

What are the main 2024 tax changes highlighted in the workshop?

The session highlights changes to retirement contribution limits, standard deduction increases, tax bracket changes, and a new mileage rate.

How do 1099-K rules work and what should creatives do?

1099-K is issued by payment apps when activity exceeds certain levels. The workshop advises separating business and personal payment apps, cleaning up recordkeeping, and remembering that income is taxable regardless of 1099 thresholds.

Who needs to file FinCEN’s BOI requirement and what deadlines apply?

It applies to LLCs and corporations, not generally sole proprietors (with limited exceptions). Filings are due online before December 31, 2024, within 90 days of formation for entities formed in 2024, and updates are required within 30 days if information changes.

Sep 19, 2026

Upload by Levi