Tax Breaks Entertainment Industry Professionals Should Know About

Not Missing Out On Entertainment Industry Deductions

Actors, singers, productions assistants, and best boys – these are all very different professions and yet they all fall under the entertainment industry umbrella. The people working these jobs are usually self-employed freelancers who have a stack of 1099s at the end of their fiscal year, and a bigger stack of miscellaneous receipts. Whether in front of the camera or behind, they also share a long list of potential deductions, some more obscure than others. Knowledgeable CPAs in Las Vegas can lead their clients through the tax process and ensure no money is left on the table.

Research Material

While it varies depending on the individual, in many cases quite a few day-to-day amenities can be deducted as research. Subscriptions to streaming video websites or industry magazines are completely legitimate business expenses. Likewise, cable television and internet can often be deducted for the same reason. Even trips, if made with specific projects in mind, can fall into the research category.

Receipts and Refunds

Research isn’t the only area where seemingly common expenses can be deducted. Performers who have to look good for the camera can tally up makeup and clothing costs. Cinematographers and set designers can deduct everything from lenses to paint. Almost everyone in the field can deduct home office expenses such as ink, paper, and even a professional website. It may seem frivolous, but these expenses are not optional in the entertainment field, and the government recognizes that fact.

Walking Away With a Refund

Not every deduction applies to every individual, but a qualified CPA will be able to guide their clients to the best possible refund. A well prepared tax return will not only result in saving money in the short term, it will also ensure that all expenses can stand up to IRS scrutiny. The peace of mind of knowing that an audit would go smoothly is just as important as the initial money saved or regained. In a city as filled with performers as Las Vegas, CPAs knowledgeable in the entertainment industry are worth their weight in gold.