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…but it doesn’t have to be hard. Here’s some important tips from Farrell Parker at Artists Tax Prep to consider as you file your taxes for 2023.
Organize business expenses.
We’re gonna be honest – if you haven’t been tracking your expenses all year, this step is going to be a HUGE task (we build in a process for our clients to track their business expenses every week!). Don’t let how big it is scare you though – because tracking these expenses can be a GAME CHANGER for a few big reasons. Keep on reading!
You are a business and you should behave like one for tax purposes.
If you are a forward-footed and entrepreneurial actor, you are running a business and nearly ALL those related expenses you had – from your self-funded web series to that coffee date with your actor friend to discuss a collab – can be deducted as business expenses on your tax return (Schedule C). These expenses can reduce your total taxable income (and therefore, the overall tax you pay) – including W-2 income that you made as an employee.
Yes, you are a business!!!
Even if you didn’t earn any income as an actor in 2022, it is perfectly legal to deduct all your acting expenses as long as there is ultimately intent to make your actor business profitable. Find an accountant or tax preparer who understands the artist life and can help you navigate the nuances when you file. Check out Artist Tax Prep…and yes, the money you pay a tax preparer is a deductible business expense!
How Do Actors Survive Financially?
Understanding the Acting Industry
Artist's Strategy offers artists the opportunity to strategize and create tactical next steps towards a successful, fulfilling career. Based on tested business principles, Artist's Strategy helps you design a tangible path towards a sustainable future. Incorporating and using the basic tenets of a healthy business, we will help you set a one, three or five-year-plan that will work for you and keep you on track to seeing real results. With Artist's Strategy, you will work alongside founder Joshua Morgan to identify the strengths and opportunities of your business and learn more about how to stabilize and grow. How long and how frequently you work with Artist's Strategy depends on your individual needs and resources. Contact us to discuss a plan that could work for you.
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