The new tax cuts under the Trump administration are very bad news for Chicago theater actors, who will lose the workplace expense deductions they rely on. Charitable giving to theaters is also ...
Dec 14, 2017 · The new tax plans do increase the standard deduction on IRS Form 1040 by $5,650, but they eliminate the personal exemption, a $4,050 deduction for single individuals with no dependents (and even ... Deductions for Actors Prior to the enactment of the TCJA, any ordinary and necessary expenses that actors paid for out of their own pockets that were directly related to their acting activity were deductible.
Nov 16, 2018 · Welcome to Part 2 of the ol' blog's 2019 series on tax inflation adjustments. We started on Nov. 15 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, personal exemptions and limitations on these tax situations that apply to some taxpayers. Make tax season a little less painful with these tax deductions for filmmakers and videographers. It will likely save you money! Before we begin: We’re not Certified Public Accountants, so be sure to consult a CPA to find out exactly what tax write-offs work best for you. Apr 17, 2018 · The taxman cometh, whether you want him to or not. But savvy taxpayers can reduce their tax bill (or get a bigger refund) by taking all of their available tax deductions. Chances are, you already ... Feb 21, 2001 · By now we should be familiar with the concepts of both the standard deduction and itemized deductions. There is, however, one other way that actors may deduct their expenses. performanceaccountancy.co.uk
Q: What can actors take as tax deductions? In the USA, dealing with the IRS and their rules when it comes to deducting expenses to reduce the taxes you owe can be a harrowing experience. Generally, being able to prove the business reason for taking a deduction is almost as important knowing what you can and cannot deduct. If you design a website to promote yourself as an actor, or hire a designer to do it for you, then any fees and annual domain registrations, ongoing maintenance or monthly subscription costs are tax deductible.