The curtain is coming down on job-related expenses for actors, musicians, and other performers with the enactment of the Tax Cuts and Jobs Act (TCJA). As of the tax year 2018, unreimbursed employee business expenses can no longer be claimed for a tax deduction. That means both Form 2106 and 2106-EZ can no longer be used. It also means actors and musicians classified as employees are going to get hit with a bigger tax bill.
Fortunately, at Noble Pacific Tax Group we're experienced entertainment accountants so we know our way around the TCJA and are able to provide viable options to enable actor-related tax deductions. To learn about how we can save you money on taxes, contact us for a new tax deduction strategy at 323-498-1040 or request a consultation online now.
Before the new tax code was on the scene, actors, musicians, and performers were able to deduct unreimbursed employee costs, tax preparation fees, and many other routine expenses. The typical tax deductible expenses included:
Under the new tax code, tax deductions for many job-related expenses are no longer allowed and even SAG dues are out of the picture. What does this mean for you? Without these deductions, your taxable income will increase. But don't worry! Contact Noble Pacific Tax Group and we'll create a plan to minimize tax exposure under the new guidelines.
Call us now at 323-498-1040 or request a consultation online to get started.
Douglas Dick has earned the special designation of being a Certified Tax Coach (CTC). This means he is a highly-trained tax planner with the ability to identify tax credits, deductions, and loopholes that the average CPA, accountant, or Enrolled Agent does not know how to find. Visit our tax Certified Tax Coaching website to learn more.