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E.C. Valdemar Veteran user Orange County, CA 301 Posts |
Hey guys, I'm interested this year in taking my performance from the streets to restaurants and private parties. I've learned quite a lot about getting hired, talking w/ management, etc. -- but I haven't heard too much about how to handle taxes as a freelance entertainer. What do I need to know before getting hired? Someone brought up talking to an accountant who also handles taxes -- this sounds like it could be expensive in and of it's self? Can someone here share what the cheapest plan would be?
Rob-ing you of your thoughts www.themindofrobert.weebly.com
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Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts |
Are you an IRS represenetive?
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
E.C. Valdemar Veteran user Orange County, CA 301 Posts |
Quote:
On 2008-05-15 09:51, Al Angello wrote: Geez god!!! NO!
Rob-ing you of your thoughts www.themindofrobert.weebly.com
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sethb Inner circle The Jersey Shore 2719 Posts |
Talking to an accountant shouldn't cost you more than about $100 tops, and should save you plenty of time, money and aggravation in the future.
He/she can tell you what you need to do, and show you how to set up a simple bookkeeping system that tracks all the info you will need at tax time (especially the deductions). And with good records, you can see what shows/clients brought in the most money, where your big expenses were, then concentrate your efforts in those areas, so you can work smarter, not harder. I think you'll find it's money well spent, plus it may help to keep Uncle Sam from knocking on your door with an income tax audit or penalties for failure to file quarterly withholding statements, etc. SETH
"Watch the Professor!!" -- Al Flosso (1895-1976)
"The better you are, the closer they watch" -- Darwin Ortiz, STRONG MAGIC |
Wade Live Veteran user Earth 322 Posts |
Uncle Sam.... I ended up forming a C - Corporation out of Nevada. I now pay and have to follow their tax laws as long as I place the monies earned through my bank in Nevada. Have I said 2 much already?? haha!
Deff looking Nevada Corps.... Their GREAT!! - Wade |
sethb Inner circle The Jersey Shore 2719 Posts |
No disrespect to Wade and his "C" Corporation, but as somebody else has already wisely said on this subject, you should get your tax advice from an accountant, not other magicians. Besides, everyone's financial situation is different. SETH
"Watch the Professor!!" -- Al Flosso (1895-1976)
"The better you are, the closer they watch" -- Darwin Ortiz, STRONG MAGIC |
George Ledo Magic Café Columnist SF Bay Area 3042 Posts |
Talk to your local Chamber of Commerce. They often have workshops or other help for people who are starting a small business, and it can be very helpful. Just make sure that whoever you talk with understands that yours IS a small business, not a mega-corporation.
Actually, on that note, I've had a couple of conversations with the IRS on routine stuff, and they were very helpful and friendly. Blew me away. I even told one of them so. And later on, when I had to talk with the telephone company... well... let's just say I spoke with a supervisor and told him I'd received better service from the IRS.
That's our departed buddy Burt, aka The Great Burtini, doing his famous Cups and Mice routine
www.georgefledo.net Latest column: "Sorry about the photos in my posts here" |
Skip Way Inner circle 3771 Posts |
A great place to find general answers is http://www.thetaxmagician.com. Steve Snyder is a working magician, a CPA and the author of several excellent tax guides specifically aimed at the working magician. He also sends out periodic emails with business and tax tips that really help.
Steve will also answer specific questions that may be bothering you. Drop him an email. Steve will tell you himself - he can help you make sense of the business and tax issues encountered by magicians, but consult with a local accountant and tax office for detailed local requirements.
How you leave others feeling after an Experience with you becomes your Trademark.
Magic Youth Raleigh - RaleighMagicClub.org |
nucinud Inner circle New York, New York 1298 Posts |
I file all my earnings on a Schedule C at tax time.
For both state and federal taxes. You are allowed certain deductions as a performer. You will be surprised what you can deduct and what you can't. Steve Snyder will answer all your questions.
"We are what we pretend to be" Kurt Vonnegut, jr.
Now U C It Now U Don't Harry Mandel www.mandelmagic.com |
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