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Magicjg
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Elite user
474 Posts

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( I hope this is the right area for this) Here is a question about the financial side of magic. How do you claim your earnings when you start to perform. I know you cant just take a check and not claim it. Do you claim yourself as a business? Where can I find information on something like this?
Dannydoyle
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Eternal Order
20190 Posts

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Depending on how long you have been at it I recomend one of 2 things.

Go to H&R Block. Let them help you. In general they are pretty good and you won't have too many things out of the ordinary at first. You will probably file a Schedule C self employed.

BUT as you go along and do more, perhaps an accountant who knows show business is a good idea.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Magicjg
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Elite user
474 Posts

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Well thank you. I have been performing small shows here and there. Within the next 2 months I will be performing a few different college shows. Thanks for you insite.
rossmacrae
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Inner circle
Arlington, Virginia
2429 Posts

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Schedule C - and do your taxes with TurboTax or TaxCut and you will be shown quite clearly that "I gotta claim this income" goes hand in hand with "gosh, look what all I can deduct."
Skip Way
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Inner circle
3771 Posts

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NOTHING beats a local hands-on professional to guide you through the outrageous American maze of taxes. That said, Accounting and Magic Professional Steve Snyder has put out an excellent tax guide designed specifically for magicians. He also publishes a free newsletter with great tips and timely alerts. Well worth a surf to http://www.thetaxmagician.com to check it out. The book does NOT take the place of a professional tax guide...but it WILL answer A LOT of those nagging questions you may have. I refer to my copy almost weekly!!

Skip Smile
How you leave others feeling after an Experience with you becomes your Trademark.

Magic Youth Raleigh - RaleighMagicClub.org
Lyndel
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Inner circle
wrote the theme to the TV show COPS!
1623 Posts

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Check out http://www.fredbecker.com/tax_advice.htm as well. Great tips in this little book!


Lyndel
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Dannydoyle
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Eternal Order
20190 Posts

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Doing your own taxes is like giving a laymen a deck of cards and telling him to entertain you if you ask me.

The first couple years you may do it yourself ok but travel and such will really get confusing.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
wizardofsorts
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Special user
Chicago, IL
935 Posts

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Magicjg,
You don't have a profile listing where you live so this advice might be useless. But here in Chicago (and I'm sure in many other major cities)we have accountants that specialize in performer's taxes. I would recommend going to one of them if you can find them. My guy costs the same as H&R Schlock and the customer services is much better! To find such an accountant in your area, ask other magicians, ask theatre folks, search Yahoo Groups and Google Groups for a theatre discussion board in your area and post the question there or if you are lucky enough to be in a city with a performer's newspaper/magazine look there for info.

Edd
Edd Fairman, Wizard of Sorts is a corporate magician available for your next trade show, hospitality suite, client luncheon, or company event. http://www.wizardofsorts.com
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