If you’re an actor tax can be a tricky subject. In this article I will break down the tax basics you should consider as an actor.
It is vital as actors to utilize accountants to assist with tax planning and tax preparation.
Accountants who specialise in entertainment industry professionals- (such as actors), have detailed knowledge of the tax code that relates to the business of acting. Utilizing entertainment experts will result in enormous tax savings!
If an individual did not earn as an actor during a tax year it DOES NOT automatically mean they cannot take the write offs.
Presumably an actor that does not earn enough money will have earned income from another source and therefore as long as they are prepared to prove that they were still engaged in the growth of their acting business, many of the deductions could still be allowed.
In this respect, an actors method of record keeping and business structure is imperative as there is high risk for an audit.