Tax Season is Here!!!

tax timeI BET you’re all just super excited about this.

If you’ve been acting for a while, you probably know that there are a bunch of things you can write off on your taxes.  This includes anything that you spend money on that relates to you as a self employed worker or business owner, which also happens to include your Casting Workbook profile!

All you have to do is print off your official receipt, which can be found on your profile.  Just log in, go to “My Account” and then “My Receipts”, and print off the one you need.  If you’re a little late with your taxes and you’re going a few years back, don’t worry!  All past receipts are there as well.

If you don’t have your login information, just let us know and we’ll send it to you via the email address you have on file.

Are you confused about what you’re able to write off?  Think of acting as your business.  Did you have lunch with a director?  Write it off.  Did you take acting classes?  New Headshots? Promotional materials? Books on acting? Union dues?  Write them off.

The bigger items can be tricky.  Just because your car takes you to auditions, doesn’t mean you can write off the whole thing.  If you drive 10,000 km in a year, and 500 km of that is going to and from auditions, then your car is only a 5% write off (approximately).  You have to keep track of how and when you use it, so you can prove why you’re writing a portion of it off.  The same goes for any trips you take that have business involved, retail space, & phone bills.

Remember that you can’t write anything off if you don’t have the receipt for it.  So start collecting those early!  To avoid the usual daylong sit down of sorting your receipts once a year, try to keep them separated by category as you go.  It makes things a lot easier.

Here are some links for you to peruse that have some helpful hints on tax write-offs for actors.  The best thing to do is talk to an accountant at least once.

http://www.dummies.com/how-to/content/tax-deductions-for-acting-expenses.html

http://www.actorstaxprep.com/writeoffs.php

http://www.canadianactor.com/actors/business/taxes.html




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