Tax Help for Actors!

It's getting to be that time again -- TAX TIME!

For performers of all kinds, this can be a crazy time of random W-2s, 1099s and Schedule Cs. It's important to know about one other form this year, though, in order to get all the money back that you possibly can!

**NOTE: THE FOLLOWING INFORMATION IS TAKEN FROM AN ARTICLE ON NOWCASTING.COM -- THIS IS NOT FROM ME -- I AM NOT AN ACCOUNTANT AND WHAT YOU DO WITH YOUR MONEY IS UP TO YOU! CLICK ON THE LINK BELOW TO GET THE ENTIRE ARTICLE**

It's called a QPA - Qualified Performing Artists designation. Basically, it allows you to take a standard deduction ($5,700 for 2009) AND file a Schedule C to itemize your expenses as well.

What does THAT mean?
It essentially means you could pay NO federal taxes and get money back!

Of course, you have to qualify.... Here are basic requirements according to CPA David Rogers:
**NOTE** This article is a few years old so the numbers may be a little different this year**
- Adjusted Gross Income must be less than $16,000
- Your allowable business expenses must be at least 10% of your gross income from the performing arts
- You must have at least two W-2s from paid performing arts jobs that paid at least $200

Anyway -- Click here to read the article. I think you'll find it very helpful!

And if you know nothing about taxes, print it out and take it to your tax preparer! Get your money!!