Author Topic: Tips and Tricks: Tax deductions  (Read 3812 times)

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PSMKay

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Tips and Tricks: Tax deductions
« on: Apr 12, 2008, 05:10 am »
This is part of the new tips and tricks series.  It's mid-April when I'm starting this topic, and the thought of income tax is weighing on the minds of many US-based stage managers.  The performance industries create some unique situations when it comes to paying tax - between freelancing and touring and per diems, we've got a lot to consider.

What have you learned from doing your taxes as a stage management professional?

Thread-wide disclaimer: advice given in this thread is based on personal experience only and should not be taken as professional advice.  Please indicate which country and state you are talking about if you contribute a tip, as laws vary and our membership is global.

RuthNY

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Re: Tips and Tricks: Tax deductions
« Reply #1 on: Apr 12, 2008, 08:16 am »
Have a professional do your taxes...

What have you learned from doing your taxes as a stage management professional?
"Be fair with others, but then keep after them until they're fair with you."
--Alan Alda

RuthNY

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Re: Tips and Tricks: Tax deductions
« Reply #2 on: Apr 12, 2008, 08:43 am »
But, seriously, one of the things I've learned over the years is if your income includes a lot of salaried work out of your home state, Unemployment (which you can have Federal tax deducted from, but not State tax,) and Freelance 1099 gigs, PAY ESTIMATED TAXES.  It'll keep you from having to make a very large payment at tax time, and keep the IRS and your home state from charging you a penalty.

If you work out town, and are doing your own taxes, refer to this document for your "per diem" or you "Meals and Incidental Expense" rates.


http://www.gsa.gov/Portal/gsa/ep/home.do?tabId=0



This is part of the new tips and tricks series.  It's mid-April when I'm starting this topic, and the thought of income tax is weighing on the minds of many US-based stage managers.  The performance industries create some unique situations when it comes to paying tax - between freelancing and touring and per diems, we've got a lot to consider.

What have you learned from doing your taxes as a stage management professional?

Thread-wide disclaimer: advice given in this thread is based on personal experience only and should not be taken as professional advice.  Please indicate which country and state you are talking about if you contribute a tip, as laws vary and our membership is global.
"Be fair with others, but then keep after them until they're fair with you."
--Alan Alda

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