Navigating Taxes for Artists: Essential Deductions and Empowering Financial Strategies with Chika Obih, CPA

Taxes for artists often feel like a daunting, confusing task—something many creatives want to avoid as they immerse themselves in their art. Yet, understanding and engaging with your business finances is a fundamental step to building a thriving creative career. In this comprehensive guide, inspired by the expert insights of CPA and money mindset educator Chika Obih, we’ll explore how artists can approach taxes with confidence rather than fear. You'll discover the most commonly overlooked tax deductions for creatives, practical strategies to shift your relationship with money, and empowering habits that transform your financial management into a motivating part of your artistic journey.

Why Your Approach to Finances Reflects Your Entire Business

One of the most profound truths Chika shares is that “your business is a mirror of your mind.” This means the way you handle your finances reveals much about your mindset and your overall business health. If you tend to avoid looking at your numbers or delay financial tasks, it might be a sign of deeper fears—like fear of failure, fear of success, or feelings of not being good enough.

Chika explains, “Your money habits reflect your self-worth.” When you value your work, you naturally begin to value the financial side of your business. This valuation encourages you to take control, ask questions, and seek help when needed. Avoiding your finances can stunt your business growth, but facing them head-on builds confidence and lays a strong foundation for sustainable success.

For artists, who often prioritize creativity over numbers, this reflection can feel intimidating. Yet, embracing your financial reality is not about becoming an expert overnight; it’s about developing a healthy relationship with your money that empowers your creative freedom.

The Creative’s Challenge: Embracing Numbers Without Fear

Many creatives, including myself, can relate to the hesitation or even fear when it comes to looking at money. It feels like a harsh reality check that interrupts the flow of artistic expression. Chika recognizes this dynamic clearly, highlighting the divide between right-brained creatives and left-brained logical thinkers.

She shares her admiration for artists, confessing that while numbers and logic come naturally to her, she feels awe for the creative talents that seem effortless to artists. Conversely, many creatives feel the same way about numbers. This mutual respect fosters understanding and encouragement to face financial fears.

Chika encourages creatives to start small by simply showing up and having the conversation about money, even if it feels intimidating. She reassures, “If you don’t know the answer, we’ll work it out together.” This perspective transforms the financial side of business from a source of anxiety into an area where you can grow gradually, just like your art skills.

Shifting Your Relationship with Business Finances: Practical Steps for Artists

How can artists start to feel empowered by their finances instead of overwhelmed? Chika offers a simple yet powerful first step: just look at your numbers. This means opening your business bank account and reviewing what money came in and what went out over the past 30 days.

Even if the numbers don’t make sense at first, just observing them helps you start to see patterns. For example, you might realize that you brought in $5,000 but spent $7,000, leading to a net loss of $2,000. This awareness sparks creativity and motivation to take action—like following up with a potential buyer or brainstorming ways to increase sales.

Chika emphasizes turning financial management into a game, making it fun and engaging rather than stressful. Setting small, achievable goals like increasing income by $1,000 or $5,000 before the month ends can energize your business efforts.

This gamification approach removes the emotional weight from your numbers. They’re not a judgment on your worth or talent but data points to help you grow your business strategically.

How Often Should You Check Your Finances?

Chika recommends at least monthly check-ins, but ideally, aim for weekly reviews. Once you build the habit, it takes only 5 to 10 minutes and becomes a natural part of your workflow. This consistency helps you spot trends early, stay motivated, and avoid last-minute tax season surprises.

Many artists fear that financial tasks will consume all their time, but Chika assures it’s manageable and quickly becomes enjoyable as you see the results of your efforts.

Breaking the Myth: Artists Can and Should Earn Money

There’s a persistent myth that artists must be “starving” to be successful or that earning money somehow diminishes artistic integrity. Chika and I both recognize how damaging this belief can be. When you start paying attention to your finances, you might be pleasantly surprised to see that you are indeed making money—sometimes more than you expected.

For example, I remember the first time I realized I was averaging $5,000 a month from my art business. It was a revelation that shifted my mindset and inspired me to lean into my business with confidence.

Understanding your financial reality empowers you to break free from limiting beliefs and take ownership of your success.

Why Do Creative Entrepreneurs Often Delay Taxes?

When it comes to taxes, many creatives put them on the back burner until it’s almost too late. Chika explains this behavior as largely rooted in fear—fear of not knowing, fear of making mistakes, and a general discomfort with money and numbers.

For many artists, math wasn’t a favorite subject in school, and money can feel “icky” or out of alignment with their creative identity. This mindset, combined with industry stigmas, creates resistance to engaging with taxes and financial planning.

Chika encourages artists to reframe their perspective: you don’t have to do it alone. Hiring help—whether an accountant, CPA, or using professional apps—can alleviate the overwhelm and provide support. This collaboration helps you focus on your creativity while ensuring your business finances are handled correctly.

Commonly Overlooked Tax Deductions for Artists

One of the most frequent questions Chika receives is about maximizing deductions to reduce tax liability. Understanding what you can write off is key to saving money and keeping more of your hard-earned income.

What Does “Writing Off” Mean?

Simply put, writing something off means deducting certain expenses from your total income to lower your taxable revenue. For example, if you sold a painting for $1,000 but spent $200 on supplies, you deduct the $200, so you’re only taxed on $800.

This concept is crucial for artists who often invest heavily in materials, studio space, and other business-related costs.

Top Overlooked Deductions for Creatives

• Home Office Deduction: Many creatives start their business at home and use a dedicated space for their art. This space qualifies as a home office, allowing you to deduct a portion of your rent, utilities, and other home-related expenses based on the percentage of your home used for business.
• Supplies and Materials: Paints, canvases, photography equipment, and other art supplies directly related to your work are deductible.
• Mileage and Travel: Driving to client meetings, galleries, or art shows can be deducted using the standard mileage rate, provided you keep accurate records.
• Professional Services: Fees paid to accountants, consultants, or legal advisors related to your business.
• Marketing and Advertising: Costs for promoting your art, including website expenses, social media ads, and printed materials.
• Education and Courses: Workshops, classes, or online courses that enhance your artistic or business skills.
• Equipment and Technology: Computers, software, cameras, and other tools necessary for your creative work.

Chika stresses that the home office deduction is one of the most valuable but often missed deductions. Many artists don’t claim it simply because they fear IRS audits. However, if you accurately measure your business space and keep good records, this deduction is legitimate and worth pursuing.

Handling Audits and Accuracy in Deductions

It’s natural to worry about IRS audits, especially with deductions like mileage or home office expenses. Chika advises that accuracy and honesty are your best defenses.

For example, if you claim a high number of business miles, a good accountant will ask questions to understand your travel patterns. If you can substantiate your claims with records and explanations, you can confidently claim those deductions.

Don’t let the fear of audits stop you from claiming what’s rightfully yours. The IRS audits deductions that are inaccurate or fraudulent, not those that are well-documented and honest.

When to Hire a CPA or Tax Professional

Many artists wonder when it’s time to seek professional help with their taxes and finances. Chika offers clear guidance:

• If you feel stressed or overwhelmed about your taxes.
• If you have transitioned from a W-2 employee to a business owner.
• If you’re making consistent income and want to maximize deductions.
• If you want peace of mind and more time to focus on your art.

Hiring a CPA is an investment, not an expense. Chika points out that many clients save thousands in deductions that easily cover the cost of hiring a professional. Plus, the time and mental energy saved can boost your creativity and productivity.

Costs for hiring a CPA vary widely depending on location, complexity, and services offered. It’s wise to get free consultations and quotes before committing.

Empowering Yourself with Tax Education and Community

Chika has developed a free resource called the Ultimate Tax Deduction Checklist, tailored for new and early-stage business owners, including creatives. This checklist outlines seven essential write-offs every small business owner should claim, complete with examples and explanations.

Alongside the checklist, she offers a seven-video series diving deeper into each deduction, catering to different learning styles—whether you prefer reading or watching videos.

Having educational tools like these helps artists gain context and confidence when working with accountants or managing taxes themselves. Chika emphasizes that the best clients are those who understand their numbers and actively engage with their finances, even if they rely on professionals for execution.

Finding Support and Building Financial Confidence

Taxes and finances don’t have to be isolating experiences. Chika highlights the importance of community, especially for women entrepreneurs and first-generation business owners who often have many questions but limited resources.

Her current focus is on creating online courses, workshops, and speaking engagements to empower creatives and women entrepreneurs to navigate taxes confidently without overwhelm.

Remember, you don’t have to figure everything out on your own. Seeking support and education can transform your financial mindset and set you up for long-term success.

Personal Insights from Chika Obih

Favorite Piece of Art: Chika treasures a pair of gold earrings shaped like angel wings—unique, minimalistic, and a conversation starter. Jewelry, for her, represents wearable art that adds personality to her basic wardrobe.

Life Mantra: “Everyone has free will.” This mindset helps her maintain boundaries and peace of mind, especially when others don’t follow through on commitments. It reminds her not to expend energy trying to control others but to focus on her own path.

Favorite Way to Disconnect: A simple walk in nature at a nearby park with a three-mile trail around a lake. The sounds of birds and ducks and the peaceful environment help her melt away stress and find clarity.

Conclusion: Embrace Taxes for Artists as a Path to Empowerment

Taxes for artists don’t have to be a source of dread or confusion. By reframing your mindset, starting with simple steps like regularly checking your numbers, and seeking out the right support, you can transform your relationship with your business finances. This empowerment not only helps you keep more of your earnings but also fuels your creative freedom and long-term success.

Chika Obih’s approach shows that financial savvy and creativity can coexist beautifully. With resources like her Ultimate Tax Deduction Checklist and supportive community, artists can confidently navigate taxes and build the business of their dreams.

Remember, your art is valuable, and so is your financial well-being. Take control, educate yourself, seek help when needed, and watch your creative business flourish.

For more insights and resources, connect with Chika Obih on Instagram and YouTube.