The Business Of Acting: Tax Tips For The Working Actor Pt. 1

It's important to be as good at record keeping as you are at acting. Tax time is just around the corner and it's critical that you've been keeping track of all of your income and expenses. While many of these tasks are not nearly as fun as performing, they are extremely important. Have you kept a close eye on all of your income to make sure you're not missing any residual checks? Have you been keeping copies of all of your check stubs so you'll know how many W2s to expect in the mail? Have you been keeping all of your receipts for career-related expenses?

Keeping your receipts can make a huge difference when it's time to determine if you owe money when you file your taxes, or how much of a refund you'll receive. If you're not the best organizer, try keeping an envelope in your car to collect receipts and maybe a shoebox at home that you can store them in. While it might not be the most sophisticated method, at least you'll have everything you need when it's time to have your taxes prepared.

By the way, do you have a list of all of the expenses that you can deduct? If not, let's review some of the common expenses that actors should be tracking:

• Initiation fees, union dues, professional society fees
• Contract legal fees
• Commissions to agents and managers
• Professional Registries (Players Guide, Academy Players, etc.)
• Classes and coaching lessons
• Cosmetics and Dressing Room supplies for professional use
• Hair care for specific jobs
• Gas mileage for auditions, jobs and career-related errands
• Photographs and resumes
• Stationery and postage for mailings

Wow, that's quite a bit! Did you know that you could deduct all of those expenses at tax time? And guess what, that's not all. Tomorrow we'll continue taking a look at tax tips for the working actor. In the meantime, visit http://www.StarSearchCasting.com and search for your next great role!