Taxes for Actors?

Question:I was just wondering what other actors have done regarding their taxes - what deductions you've made.

I've heard of actors deducting cable tv, books, dvds, cds, classes, membership costs to unions or other actors group, gas money to auditions, etc.

Has anyone done this? What have you deducted? Is there a minimum you have to have earned as an actor to be able to claim things as a career expense?

Best Answer - Chosen by Asker: I was just wondering what other actors have done regarding their taxes - what deductions you've made.

I've heard of actors deducting cable tv, books, dvds, cds, classes, membership costs to unions or other actors group, gas money to auditions, etc.

Has anyone done this? What have you deducted? Is there a minimum you have to have earned as an actor to be able to claim things as a career expense?

An accountant is a good idea.

You can deduct business-related expenses if you've earned money performing. You can show a loss. You use a Schedule C. Cable TV, DVDs, tickets are in the category of Professional Viewing. Union dues - there's a category for your profession dues. The trade papers are deductible as are web site fees. If you travel out of town for work, you can track your expenses or use a per diem depending on the city - that's one reason to use an accountant because each city has a different per diem rate. Per diem covers rent, food, entertainment, laundry, tips, travel costs, including travel costs to and from the airport.

Some deductions have been gone for a while, such as clothing that is not a specific costume for a role. Your lessons are deductible as well. Gifts are deductible for backstage people - I think the limit is $25 per person. You can also deduct entertainment - for instance, if you had lunch with an agent and you paid. If you rent equipment, or buy for instance recording equipment or rent a studio, that is deductible. Postage for mailing head shots is deductible, as are having your photographs taken and copied.

Another reason to use an accountant is that you have to be careful with categories such as professional viewing and entertainment. However, if you didn't make a lot of money, this will give you some idea if you want to use the C form on your own - just make sure that you itemize everything and don't lump it all together as "expenses."

use an accountant.