" 2) Almost EVERYTHING is tax-deductable, from the clothes you wear to the meals you eat to the DVDs you watch and the haircuts you get and even your gym membership. It's all tax-deductable, so taxes are like Christmas for many actors."
That's not EXACTLY accurate. It depends on what your accountant will let you get away with. for example, mine lets me deduct all dvd's, cd's, movies, theatre tickets for "studying: purposes. But, if I wanted to deduct a particular shirt that I used for auditions, I would only be able to wear the shirt for audiitons, not anytime else, it would HAVE to be acting related.
Same with Gym memberships: If I ONLY used it for theatre purposes, it would count as a business expense, but since I also use it for extracurricular purposes, it doesn't count as a sole business expense.
Meals are only deductable if you talk about the business at some point during the meal. It can literally be one sentence, but something has to be said in order for the meal to be counted as a business expense, otherwise, you are just eating in a restaurant, which is what you would be doing anyway regardless of whether or not you are in a show. The exception is on a two show day, or when you are doing media, or anything business related that causes you to be eating at a place you wouldn't otherwise be eating at if it weren't for your job.
I realize some accountants will fudge the facts and let actors claim whatever they want to, but mine doesn't so I don't get to claim everything I would like to.
"I'm an American, Damnit!!! And if it's three things I don't believe in, it's quitting and math."
Updated On: 9/1/10 at 09:24 AM