Tax Lessons...

By: gregoryalbright Mood: full of life Date: 04/17/2008 10:03:33 Music: Pandora

For those of you who intuitively price you work, or have a gallery doing it for you, you might skip this blog...

After compiling my expenses for Uncle Sam, I have the scientific method for pricing work:

Add your total overhead from your schedule C

Add the total hours painting x Hourly rate you'd like to earn

divide by number of paintings done 

= Cost of a painting, wholesale

I came up with a cost per square foot, since I don't have a standard size yet.  I took the hours it takes to finish a painting and divided it by the square feet.  Smaller ones take longer, I found, but I ignored that for this analysis...

So now, I can tell you with certainty that I pay $91 in materials and labor per square foot, and at an hourly rate that isn't completely selling out.

 I would be interested in what you all find using this formula..

greg