You didn't get into your craft because you like to keep things boring. As a result, you may find it difficult to let your heart rate settle down long enough to dig into your accounting books. The fact that you're often paid on a daily or per-job basis through a contract means that all those car chases you've filmed have actually created some mile-long paper trails. This means that you have to be concerned with things like quarterly IRS payments whenever you land jobs if employment taxes aren't covered by a union contract.
Accounting For Stunt Performers Is As Unique As Your Job Description
One of the primary things a working stunt performer should focus on is creating an organized system for keeping track of income from the various jobs that are worked throughout a year. This makes it much easier to make accurate quarterly tax payments that will prevent big plot twists at tax time.
What A CFO Advisory For Stunt Performers Would Tell You About Taxes
One big reason why tax planning for stunt performers can get so complex is that you are always working in new locations. You go where the production calls you! While this is exciting, it does create some interesting considerations for filing your taxes correctly. It may be necessary to file tax returns in states that you worked in while filming on location.
Do you often do a lot of work in Hollywood even though you call a state outside of California home? Unfortunately, California is one of the states without tax-reciprocity agreements with other states. That means you are going to need to be concerned with tax laws for both California and the state you reside in. The reverse is also true. Stunt performers who often travel to other states for work even though they live in California also have to pay California taxes.
Tax planning for stunt performers isn't only about figuring out how much you owe to the IRS. There's a really good chance you're not maximizing your deductions if it's been a while since you sat down with a CPA for stunt performers to go over your books. New tax laws mean that some of the previous deductions that served you well could be out of the picture. However, you may be able to find new deductions that still benefit you. Training equipment, gym equipment, and other specialty items or services that help you perform your daring job could be deductible. You really need to sit down to look at your receipts for the year to see where the opportunities are.
Why Accounting For Stunt Performers Should Be Focused On The Long Haul
The work you do on camera is immortalized on the screen forever. However, that doesn't mean that you plan to perform stunts professionally for the rest of your life. Let's make sure you have some guidance from a CPA for stunt performers that will help you transition into a new phase or pursue a new path one day. Make sure you're working with financial advisers for stunt performers who understand how to plan for this portion of the bigger picture.
Start Some Action-Packed Bookkeeping For Stunt Performers
You really should consider collaborating with a CFO advisory for stunt performers if you're working in the profession. The bottom line is that someone building what is the antithesis of a cookie-cutter career should not be using cookie-cutter accounting and tax strategies. Fortunately, we, at Fusion CPA have financial advisers for stunt performers like you, waiting to advise you and help build long-term value in your profession. We recognize that your career comes with some pretty intense accounting and bookkeeping needs. That's why we don't pull any stunts when it comes to putting our clients on solid ground. Don't let deductions, tax payments, long-term planning and other essential details get overlooked. 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