Actors, tax hacks,

best practices for your financial

spotlight

listen taxes may not be the most

glamorous part of an actor's life,

but mastering them can save you time,

money and stress.

Whether you're juggling auditions, day

jobs or side hustles, staying on top of

your finances is a must.

So today it's going to be a friendly,

actor focused guide to help you

navigate the tax world, keeping your

records organized,

uncover hidden deductions

and avoid unwanted drama with the irs.

This is casting actor's cast

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Well, hello and welcome to today's

episode of casting actress Cass.

I'm casting partner Jeffrey Driesbach.

This is the podcast for actors from a

casting person.

That would be me.

Welcome.

So glad that you're here.

I love the subject, because this is

pretty timely.

Don't you think we're kind of getting

close to that tax due date?

And so I thought, gosh, this is a very

practical business kind of podcast

today.

These patios podcast videos are here to

help you feel more comfortable and

confident in all the areas of your

acting and so I'm glad to bring this

information to you.

I invite you to check out the website,

casting actors cast all one word dot

com.

That's the website where you can find

out about my book.

That's been released called Jeff's

jots, the actor's career playbook.

There's also a place that you can fill

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Thank you so much.

All right.

So let's talk about the irs.

My gosh irs taxes.

if you're anything like me, it's

really, really hard to stay organized,

or to get organized, and then stay

organized.

Sometimes you can set it all up, but

then you've got to remember to remember

to do it.

You've got to remember to put it all

together.

So I've got, I think, some really

valuable, helpful tips and suggestions

so that you're going to be in a much

better place.

And so the first thing I want to share

with you about this is to keep your

paperwork in order.

I think good tax preparation starts

with a solid organization

so simply keep track of your income and

expenses throughout the year.

That's going to save you headaches come

tax time.

So I have a golden rule about that.

Track everything.

Like, for example, income.

Save all your pay stops, your w, twos,

your tens.

And even a cash payment record.

For gigs, without official paperwork,

create a log of who paid you how much

and when

that's income.

But then we also have expenses.

Hold on to receipts for anything

related to your acting career.

You know what it could be like, a

twenty dollar class or a 500 dollar or

thousand dollar heads shot session,

document it.

Those are tools

that will help you in the tax

preparation process.

And speaking of tools, tools to help

stay organized.

Here are some suggestions.

One use some Apps.

Use Apps like quick book, self employed

there's also expensify

or wave.

That'll help you track expenses.

And it also helps you categorize some

deductions.

Another suggestion, have a spreadsheet

system.

That's easy for you to, say,

a simple excel or Google sheets.

Those documents can work wonders.

So it's a matter of, all you need is

some columns for your date, your

description, your category and your

amount.

That's it.

Or if you want to jump in and do old

fashioned analog.

Just have a folder or a binder

and dedicate a physical folder, or

digital cloud folder if you still want

to do, you know, the digital thing.

And all you do is use that folda for

storing receipts,

restoring invoices and tax documents,

keeping it in one place.

Here's a quick tip, though, I think you

could consider using your phone to take

quick pictures of your receipts as soon

as you get them.

And then you simply upload them to your

digital folder.

Then you're not going to lose em.

They're always going to be in one place.

Getting into that.

Habit will really help you big time.

Moving on from there let's take a

moment to understand some deductions.

What I call your best supporting role.

Actors have unique expenses that can,

often, they can be written off.

So here's a breakdown of common and

lesser known deductions.

So here are some common deductions for

actors.

Obviously, classes and workshops,

acting workshops and voice lessons and

dance classes directly

relate to your craft.

So that's a great deduction.

Also, your head shots and your reels,

the cost of headshots,

demo reels

and even website hosting fees are

deductible,

including the printing of a resume.

Also what's deductible.

Union does.

If you are a member of sag, after

actor's equity association or other

performers union, your dues and

initiation fees they're deductible

don't forget about agents and managers,

fees, commissions and fees paid to your representative

can be written off.

There's also some audition expenses,

there's travel, there's parking

and there's material for auditions.

Like, you know, the printed sides all

are really fair game.

There are a few hidden deductions that

you might not be aware of.

You might miss this.

So let's talk about some additional

deductions.

Wardrobe

costumes are clothing used specifically

for performances or auditions, as long

as it's not general clothing, unless

it's clearly industry specific, like if

you're going to, if you have a cop

outfit or a pirate costume, or

something like that.

But keeping that special audition

wardrobes separate from your regular

clothing, like I've mentioned in past,

podcasts, is absolutely all deductible.

Makeup and grooming

makeup.

Or hairstyle expenses can be deducted,

if specifically, used for performances

or headshots,

streaming services, subscriptions to

platforms like Netflix or Hulu.

They may,

I notice, I said, may be deductible if

you're using them for research or

audition preparation.

Oh, let's talk about self tape

equipment.

Purchases like lights and backdrops,

cameras and microphones, they're all

valid.

Business expensations

also don't forget about coaching and

consultations.

Career coaching,

dialect coaching or consultation fees

with casting directors, they are all deductible.

Do you have a home office?

If you regularly use a part of your

home for self tapes, audition prep or

administrative tasks,

you can deduct a portion of your rent,

your utilities

and your internet.

I've got a pro tip for you for meals.

Or let's just, say, coffee meetings

with industry colleagues.

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00:09:28,34 --> 00:09:32,5

Just jot down the date, purpose and who

you met with on the receipt.

Then, of course, as I suggested

earlier, just take a picture of the receipt.

Now you've got a place that that is

stored in.

You will absolutely

love that tip, because

you know, when you're preparing your

taxes, and you go to that folder and

you see all of these additional

expenses, I think you're going to be

very, very happy.

Now we have to move into another area

about your taxes.

I think it's valuable for you to know

your

status,

your tax

statusy.

Often times actors juggle various

income sources.

There are twos from perhaps some part

time jobs in your 1090 nines from

acting gigs.

See, this combination makes filing

taxes a little bit more complicated,

but it is manageable with the right

approach,

understand your income sources.

So let's talk about w two's for a

minute.

So, w, two jobs.

See, these are traditional jobs where

taxes are already withheld.

So examples would include, if you're

working at a restaurant, or you have a

retail side hustle, taxes that are

removed already from paycheck to

paycheck.

That's something to keep track of.

That's

different than 1099

income

for independent contractor gigs like

commercial sometimes or freelance

acting jobs,

taxes aren't withheld,

meaning you'll owe on this income at

tax time.

Let's talk about cash payments.

Sometimes you're going to get a cash

payment, even if you're paid in cash

it's taxable income.

So I suggest you keep a record of these

earnings.

Consider quarterly payments

listen if you are constantly earning

1099 income.

You might need to pay estimated taxes

that would happen quarterly, and that

is in place, so you will avoid

penalties.

So here's a pro tip

set, aside 25 to thirty per cent of

each 1099 paycheck in a separate

savings account.

So then you're going to be prepared at

taxtime.

You're not going to take a hit because

of that 1099

income.

We're going to continue the conversation

right after this.

Are you wishing for acting success?

Are you ready with audition techniques

for theater film and television?

Are you ready with proven methods for

growing your talent?

Are you ready to boost your business?

It would help if you had a playbook to

guide you.

Now there's jeff's jots.

The actor's career play book by

Geoffrey drisbock jeff's jots at

amazondot com.

Casting actor's cast dot com, available

in paperback, hard cover or e book.

Stop wishing and start

doing with jeff's jobs.

The actor's career playbook.

So let's move out from there.

I know this freaks out a lot of people.

So let me just allay to the best

admisabilities.

Some of those fears that you might have.

And we're calling it to avoid the irs

spotlight.

I think the word audit can freak a lot

of people out.

So here are some tips to avoid an audit.

So let's just say this.

The irs may not send casting calls to

you, but they're always looking for

performers who break the Rules.

So here's how to avoid being flagged

for an audit.

First and foremost, be accurate,

be honest.

You do that by matching

your documents.

Ensure that your reported income

matches, your w's 1099

and other official documents.

Avoid inflating deductions.

That's probably one of the biggest.

No noses don't claim personal expenses

as business expenses.

For example,

your everyday clothes

or a family Netflix account.

Doesn't work.

It's a biggie.

As long as you keep detailed records,

because the irs loves receipts.

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00:13:53,66 --> 00:13:55,1

So hold on to them for at least three

years.

And document the purpose of each

expense.

Like, for example, for mileage, keep a

log that includes dates and

destinations and the purpose of the

travel.

Moving on from there, don't forget to

file on time.

Missing deadlines or filing late can

raise red flags very, very quickly.

If you need more time you can simply

file for an extension.

But remember

that taxes owed are still due by the

April deadline.

So you're welcome to file an extension.

But if you know you're going to owe

something, you need to nip that in the

bud with that April filing.

All right,

of course, you probably figured this

was a coming.

But if this is really hard for you, if

this is confusing for you, if you just

don't know where to start, why not

consider working with a tax

professional who knows the biz.

Taxes for actors can definitely be

complex.

So consider hiring a tax preparer or a

cpa,

a certified public accountant who

specializes in the entertainment industry.

Here's why a specialist matters.

They'll know all the industry specific

deductions and help ensure your return

is accurate and data audit proof.

So you have to simply do your homework

before hiring.

Someone.

Ask if they've worked with actors

before.

That's an obvious

kind of thing, you know, would to do

that.

But it

also could be helpful to get reviews

from other performers.

Who've used that tax person,

stay ahead of the game.

The best way to reduce stress is to

stay proactive.

Throughout the year,

set up a system,

block time monthly

to update your records

and categorize expenses.

I also think you could budget for

taxes.

Treat taxes like any other expense.

By saving a portion of your earnings.

You're going to avoid scrambling when

payments are due.

You could educate yourself a little bit

more by taking the time to learn the

basics of taxes so you feel confident.

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00:16:16,9 --> 00:16:16,810

Managing your finances

it's kind of interesting.

It's a challenge to do your own return,

there's no question.

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00:16:23,49 --> 00:16:23,350

But

staying

ahead of the game by learning as much

as you can, is going to serve you big time.

Here's some final thoughts,

keep it simple.

Stay organized.

Taxes may not be the most glamorous

part of acting, but you know what,

they're an essential part of managing

your career.

By staying organized,

taking advantage of deductions and

being honest with the irs,

you can keep more of your hard earned

money

and avoid unnecessary stress.

The bottom line, treat your finances

with the same care

and creativity

you bring to your craft.

That's a great tip, right?

Break a leg, both on stage

and in your tax prep.

I'm Jeffrey driesback.

This is casting actor's cast.

We'll see you next time.

Thanks so much.

It's been great having you in our

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