Even TheaterMakers have to pay taxes. But could you pay less?
April 18th is 25 days away.
I mean, is there ANYTHING more opposite of making theater than paying taxes?
Making theater is a challenging profession. Its got its ups and downs . . . emotionally and financially . . . especially over the last couple of years.
But in the midst of it all, you can’t forget to pay your taxes.
And, in fact, paying your taxes (and how much you pay), should be a part of your strategy for being a sound and successful TheaterMaker.
See, if you can figure out strategies to keep more money or make more money in your other pursuits, you’ll have more freedom and time for your theatermaking. Makes sense, right?
And I find that taxes are the #1 thing that TheaterMakers pay NO attention to when thinking about their life as a pro.
For example, did you know that if you qualify, you can deduct your training and professional development? Or even going to the theater?
There are a ton of deductions that may be available to you as a TheaterMaker.
What should you do? Don’t just go it on your own and start willy-nilly deducting stuff because I wrote about it here. First of all, I’m not an accountant. Second, everyone’s situation is different.
Third, and most importantly, this is a niche area, and you need to get professional advice if you want to save the most. (TIP: Great service providers in the accounting or financial space should SAVE you more than they cost, by the way)
But as April 15th approaches, definitely look into this to see if you can deduct more than you are.
Happy (blech) tax day!
If you need some references for accountants and tax specialists for Writers, Actors, Directors and anyone in our space, I cannot recommend Craig Manzino enough. Craig specializes in business management, tax and financial planning in the entertainment industry. He works with Actors, Writers, Directors, Producers, Musicians, Photographers, TheaterMakers, and more. He gets it.
To find out if you can deduct your training and professional development, click here to message Craig and tell him I sent you.
If that link doesn’t work, try this one.
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Ken created one of the first Broadway podcasts, recording over 250 episodes over 7 years. It features interviews with A-listers in the theater about how they “made it”, including 2 Pulitzer Prize Winners, 7 Academy Award Winners and 76 Tony Award winners. Notable guests include Pasek & Paul, Kenny Leon, Lynn Ahrens and more.