Tax Deductions for the Entertainment Industry???
March 31st, 2010What are the specific deductions allowed for people in the entertainment industry? Where can I find this info online?
Also, are there any non-entertainment deductions that I should know about (I know the obvious ones…)?
I’m going to meet with my accountant tomorrow so I’m running out of time. Please help!
Replys
If you list your primary profession as actor, for instance, even if you don’t make any money at it, and can show that you actively tried to find work in that profession, there are business related deductions for which you are eligible.
It is worth your while to hire a tax man who specializes in this field, at least for a year or two, so you can learn your way around. In New York, they used to advertise around this time in the theatrical trade papers – I imagine the same is true in the west coast.
I was audited several times, and because I had a good tax man, I was able to (literally) quote the applicable provisions of the tax code. IRS folk are usually not familiar with these provisions, and their first response is often "Not allowed." At that point you smile sweetly, quote the tax law, article and sub-section, and sit back while they run off to check.
I NEVER ended up paying additional money as the result of an audit,.
If your accountant can not answer these questions for you, get a new accountant.
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