This article discusses the events that lead to me seeking the advice of a CPA (certified public accountant) and deciding to structure my small business as an S-corp. The article also shares the S-Corp benefits that informed my decision to incorporate. Lacking any real business, management or accounting education, earning a small income and being in debt, I failed to make proper quarterly tax payments to the IRS. After two years of poor tax management, I sought the advice of a CPA and learned the benefits to becoming an S-Corp.
by Christian Scully
In 2012 I graduated from college with my BFA in advertising photography. Art school is a great place to explore your chosen medium, but tends to not prepare graduates to own and operate their own businesses, which most will attempt to do as freelance artists. The less-exciting details of running a day-to-day business are completely ignored until either the artist finds themselves in trouble, or until the artist decides to do something crazy like apply for a mortgage and they realize some things aren't so simple. My failure definitely applies to anyone starting a business, not only artists. Discuss the following issues with your CPA to avoid my mistake: