Thanks for your question, actor/drink slinger! I don’t use an entertainment accountant, though I know many actors in Los Angeles who swear by Chuck Sloan & Associates. I prepare my tax information meticulously in advance, so I feel comfortable going to H&R Block or any walk-in tax prep shop to do the actual filing.When filing taxes, do you use an entertainment accountant? Also, any tips on taxes or saving money would be great. Love the blog, discovered it recently. – From an actor/ professional drink slinger
As for tax tips, my biggest one is save those receipts! I deduct everything I can that’s related to my acting and writing career and I organize my receipts like an extreme couponer. Keeping track of my deductions throughout the year helps me maximize my refund.
I itemize my deductions using Form 1040 - Schedule C - Profit or Loss From Business (Sole Proprietorship). Because yes, my expenses add up to more than the standard deduction, which for 2012 is $5,950 for single taxpayers and married taxpayers filing separately, $11,900 for married taxpayers filing jointly, and $8,700 for taxpayers filing as head of household.
If you’ve never done a Schedule C, don’t assume you don’t have enough expenses that add up to more than the standard deduction. Keep track of your receipts for a year and see for yourself!
Tune in next Money Monday, when I'll explain my absolutely no-cost receipt tracking system. And keep those Money Monday questions coming!