business
The art of commerce
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For artists who don’t know a capital gain from a canvas stretcher, there’s Financial Groove by hannah birch
When sidewalk performers start shaking it in Lady Liberty costumes to remind you it’s tax season, artists might be thinking something different, like: Can they claim that costume as a business expense? For those who make their living in the performing arts, whether to write off their outfits is just one item on a list of unusual financial concerns. Jessica Scheitler is the owner and operator of Financial Groove, an accounting and bookkeeping firm that exists to bridge the gap between the Internal Revenue Service and the world of artists. Financial Groove offers services in areas like taxes, accounting, bookkeeping and financial planning, and specializes in small businesses, such as dance studios, and individuals in fields from music to theater. “I’ve talked to a lot of people where they 26 D e s e r t C o m pa n i o n S E P T E M B E R 2 0 1 1
feel like their accountant doesn’t really understand where they’re coming from,” says Scheitler, who has a background in dance. “Just coming from that lifestyle and knowing that these are, as the IRS calls it, ‘ordinary and necessary things’ … makes it a lot easier for me to get them a better (tax) return.” William Adamson, the president of nonprofit arts organization Creative Studios Las Vegas, is a fan. Adamson says Scheitler has “a more comprehensive understanding of what we can write off” than other tax professionals he’s used. “Certainly there were a lot of expenses that you can write off that (other tax firms) weren’t as diligent in homing in on,” Adamson said. “That’s the strength of Jessica’s business. She’s a creative person and she’s also a tough businessperson. That’s a fine tightrope to walk.”
“People don’t realize, particularly in the entertainment industry, that they’re engaged in a business,” Scheitler says. “And business is intimidating.”
Your other agent Scheitler has a bachelor’s degree in choreography from Marymount Manhattan College in New York City with minors in arts administration and mathematics. She’s also an enrolled agent with the IRS. That means she’s a tax professional who has passed an IRS test and a background check. Enrolled agents can deal with all aspects of taxation and can represent clients’ interests before the IRS. Because of her dance background, she is familiar with things like Chinese exchange rates — “because of so many people going to take
Illustration By Christopher Smith