As the tax-filing deadline for all of us approaches, it's the perfect opportunity, as you start crunching the numbers, to read my latest Backstage column.
I am not a CPA, accountant, or tax prep pro, but I can suggest an approach to maximizing what you may potentially be able to write off as acting business expenses. I strongly suggest that you take the time to research and find a tax preparer who has experience working with actors. While this service may initially cost more than your local tax preparation office, the overall savings and write-offs you might gain will be money well spent.
Whatever your business structure, the root of any write-off you intend to take is your ability to substantiate that deduction. It is important to set up a system that will help you easily keep track of the expenses you incur during the year so that you’re prepared to take advantage of all the deductions you’re legally entitled to take. You’ll have to have earned money as an actor during the reporting year (and have reported it as income) in order to write off the related expenses. The benefits of doing this work are there.
Read more at backstage.com.
BL
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