Entertainment Industry Professionals

Typically, accounting for individuals in the entertainment industry is not fundamentally different from other industries.  However, there are a few tax issues specific to the industry that may arise. 

As an actor, are you aware of the deductions you can take?   

Do you know how to track your expenses for potential tax deductions?  

Actors may be able to deduct specific expenses such as:

• Manager and agent fees
• Actor portfolio
• Professional development fees
• Business cards
• Parking/mileage

 However, these may or may not be deductible depending on whether you were paid as an independent contractor or employee.  

Should you setup a "Loan Out Corporation?"  

These are entities generally created by entertainment professionals.  One advantage of a Loan Out Company is the ability to deduct all business-related expenses; whereas a "W-2 only" entertainment professional can no longer deduct unreimbursed business expenses.  

There are additional advantages to a Loan Out Company, but also disadvantages as well.  Loan Out Companies have additional costs that may offset the tax benefit received.  

Each individual actor's circumstance is different.  We encourage you to contact us for assistance in determining what the best option is for you.  Whether you are an industry legend or an up and coming performer, we can support your needs.  Let us help you maximize your income and support your current and future money management.

Our goal is to let you concentrate on developing your talents while we handle your traditional accounting, bookkeeping, and tax functions.