Working in the entertainment business requires dedication to your craft and finding the right roles to help showcase your strength as an actor. You have probably been involved in acting classes and had several head shots taken. Completing auditions, memorizing lines and doing your part when it's time for production can keep you busy. This is why you may find it difficult to spend time on your entertainment industry bookkeeping. While it isn't as fun as acting, it is an important task that needs to be completed accurately. It can assist you in creating an entertainment industry tax planning and preparation strategy as well as highlight areas of overspending. Fortunately, you can get assistance and a helping hand from an entertainment industry CPA. They are experienced in handling entertainment industry bookkeeping efficiently.
Receive Experienced Assistance With Your Financial Bookkeeping
As an actor or actress, you may prefer to receive assistance from highly skilled professionals who deliver high-quality service. This might include the individuals who help make your wardrobe and makeup look fantastic. In the are of finances, you can take the same approach by bringing in an experienced entertainment industry CPA. This can simplify the financial requirements associated with your job. Providing comprehensive entertainment industry bookkeeping will help make sure your personal budgeting stays on track and safeguard against lost royalties from work you performed in the past. Simplifying your complex financial requirements can be completed by relying on an entertainment industry accountant. This helps provide comprehensive accounting designed to retain assets, alleviate risks, and assist you in achieving your financial goals.
Formulating An Entertainment Industry Tax Planning Strategy
Acting requires you to spend money on certain expenses to help further your career. Since these are associated with your business, you may want to analyze this area to see if business-related expenses that aren't reimbursed can assist you in limiting the tax bill you pay. This can take diligence to keep track of as the federal government can change regulations periodically, which is why having an entertainment industry tax planning strategy can help. They can plan for your tax liabilities, and you can relax knowing you have expert assistance. Here at Fusion CPA
Our tax specialists keep track of rules and regulations set by the IRS. You may not realize that Form 2106 is one of the most audited forms. It deals with expenses that are not reimbursed by an employer. An entertainment industry CPA can look at your expenses and help eliminate the chance of you
getting audited. They can also play a key role in limiting the amount of taxes you pay. Evaluating your income and expenses allows a tax specialist to derive a figure for your estimated taxes. This should give you peace of mind as you'll know it's covered.
Financial Strategies To Create The Most Profit
Having the assistance of entertainment industry financial advisers from our entertainment industry CFO advisory service can also be helpful. Changes in tax regulations can make it advantageous to operate your business as a specific type of entity. Entertainment industry financial advisers can evaluate your situation and help decide the appropriate course.
As an actor or actress, an S corporation may be best as it doesn't require an owner to pay corporate income tax on the company's profits. It also allows a little more creativity where you can become both a worker and owner in your company. As a worker, you'll receive a W-2. As an owner, you increase profits and earnings. When you utilize an entertainment industry CFO advisory service, these types of scenarios are considered to determine the best mix to make you the most money. We at Fusion CPA offer entertainment industry CFO advisory services and can help you sift through all these complexities. Our team of experienced entertainment CPA's can also plan your taxes, leaving you with more time to focus on your career. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.