To provide financial assistance to artists.

To encourage artists to create more art.

To reduce the tax burden on artists.

All of the above.

The artist must be a U.S. citizen or resident alien.

The artist must have a valid Social Security number.

The artist must have earned at least $5,000 from the sale of their art in the previous year.

All of the above.

The artist can deduct up to $5,000 of their art-related expenses from their taxable income.

The artist can claim a credit of up to $1,000 for the purchase of art supplies.

The artist can defer the payment of taxes on the sale of their art until the art is sold.

All of the above.

The cost of art supplies.

The cost of travel to art shows and exhibitions.

The cost of advertising and marketing.

All of the above.

A capital gain is taxed at a lower rate than an ordinary gain.

A capital gain is taxed at a higher rate than an ordinary gain.

There is no difference between a capital gain and an ordinary gain.

None of the above.

One year.

Two years.

Three years.

Four years.

15%.

20%.

25%.

30%.

A deduction reduces your taxable income.

A credit reduces your tax liability.

Both of the above.

None of the above.

The cost of art supplies.

The cost of travel to art shows and exhibitions.

The cost of advertising and marketing.

All of the above.

The Artist's Tax Credit.

The Home Office Deduction.

The Earned Income Tax Credit.

All of the above.

A tax return is a form that you file with the IRS to report your income and expenses.

A tax refund is a payment that you receive from the IRS if you have overpaid your taxes.

Both of the above.

None of the above.

April 15th.

May 15th.

June 15th.

July 15th.

You will be charged a late filing fee.

You will be charged a late payment fee.

You will be audited by the IRS.

All of the above.

Don't sell your art.

Sell your art for less than $5,000.

Keep accurate records of your art sales.

All of the above.

Taxes on art will increase.

Taxes on art will decrease.

Taxes on art will remain the same.

It is impossible to predict the future of taxation and art.