Handling Money
Acting is a business as well as an art. Unless you are employed full time by, say, a television studio or rep company, you are, in essence, an entrepreneur. And that has financial and tax implications. For example, your acting classes, union dues - even gym memberships - may be tax-deductible as a business expense. In addition, you may have income from part-time or temp jobs.
What about taxes for actors? What income should actors report? Which tax deduction for actors are available? When must you file? Here are some tips: Check your forms W-2 (Wages and Deductions) and 1099 MISC (for independent contractors) as soon as you receive them; if you see incorrect information, report it immediately to your employer. Keep track of the number of miles you drive to auditions. Clothing for a part or makeup are items that may not be deductible. This is good advice for movies jobs, acting jobs, musician jobs, singer jobs and teen acting jobs looking for available tax deductions.
Working actors may wonder about residuals for their acting jobs. The Screen Actors Guild collects hundreds of millions of dollars in residuals each year, which it distributes to members for their work in filmed productions, including theatrical films, television series and movies, and commercials. When are you entitled to residuals? How do you collect them? What if you're not being paid? The unions are getting into the picture, helping actors handle money and plan finances from their acting jobs.
Finally, if you haven't started yet, it's never too soon to begin saving and investing. Instead of that daily cup from your favorite barista, brew at home. At $4 per drink, one a day amounts to $1,460 per year. That money could come in handy.
LINKS
SAG Alters Residuals Mailings
Double posting of checks and info tightened.
Budget Breakdown
Learn how to help your theatre company or film production company manage its finances.
Actors' Taxes
Still not ready to file your taxes?
Reporting Your Income
It's all in the forms.
Health Coverage for the Uninsured
Few problems loom over the lives of actors and theatre professionals like the problem of medical insurance.
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