how to approach taxes and the actor?

Question

i've been performing as an actor professionally since '99 and accordingly, i have been filing taxes that way, as an independant contractor for the most part. i moved to chicago and subsequently have picked up a full time job in order to support my theatre. the question is, how do i approach my taxes this year? i feel like i can't do the same thing i've always done. my primary source of income is no longer theatre but i'm still performing and still paying for supplies as if i were (make-up, headshots, costumes, scripts, ect...) can i still write these things off? do i approach my taxes as having two jobs? some of the jobs i have picked up (theatrically) are paying but some of them were not? should i just suck it up and seek professional help? any advice (professional) or suggestions (non professional) would be helpful. thanks

Mom of Will · Accepted Answer

Hi Babybole,

It should be under the tax category; but I know the answer.

Regular employment goes under earned income as does the 1099 statement for your professional acting work.

Expenses for your performance supplies are still tax deductible since you are still earning a portion of your income with acting.

If your 1099's are paid to an assumed name (DBA or LLC) that you use (my SAG name is different than my legal name), all the better because you have 3 years to "show a profit" before the entity (LLC) is determined to be considered inactive and invalid for itemized write-offs.

Hope this helped -- and hopefully you can "break a leg" full time.  Chicago is a wonderful proving ground for acting.

doggy1117 · Answer

I would go get professional help like at H&R Block.

I am an actor as well that took on full-time employment in a different field.  If you are going to file as both occupations, you will need a little help.  The main thing you need to worry about is getting audited if you aren't crystal clear about where your income is coming from and why you are itemizing certain deductions.  Don't forget that you can write off tax preparation to offset the fees you'll pay for professional help.

Anonymous · Answer

Go to a place like H&R Block.  They know the tax laws inside and out and its not that expensive.  (They find many a deduction that the average person doesn't even know about.)

Anonymous · Answer

proffesinal

how to approach taxes and the actor?

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