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Tax Tips for New Show Business Owners

In summary, as a show business owner, you can deduct necessary and ordinary expenses such as advertising, travel, equipment, costumes, and supplies. You must also pay estimated taxes throughout the year and keep track of tips received. You may be able to deduct your home office, but it must be used exclusively for business purposes. There are also unique tax deductions for show business owners, such as professional development expenses and travel expenses for auditions and performances. It is important to keep detailed records and consult with a tax professional to ensure you are taking advantage of all available deductions.
pamperedangel06
61
Hi everyone I'm in my ss#1 and have gotten soo many great ideas from here Thanks!! My first show is march 31 and I can't wait to use all the new ideas. But I was wondering if those of you that have been doing this awhile had any tax tips for us newbies. Can we pay in to taxes through the year so we aren't hit hard next year come april? Also any ideas on what and how to keep track of.Thanks ahead of time
 
i purchased a file folder box that has slots for everything. Last year I wrote off more then I made. I use PC as a tax benefit. If you are worried open up a savings account and put 15-20% of what you make away. then your sure to be ok
 
You can not pay into taxes, we get a 1099 form from PC that tells what we were paid/earned. You need to keep all of the receipts from everything PC and keep a journal in your car to log mileage. I find that at the end of the year I usually have $3-$4 K in deductions after all is said and done.
 
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  • #4
do we get to deduct all the product we purchase also?
 
Technically, yes. Anything you purchase that you will use for your business is deductable because you will be demonstrating the product...therefore it is a supply. Of course you won't deduct things you purchase to give as gifts for family and friends...wedding shower gift, Christmas, etc. You need the products to demo and to practice recipes. I personally like to be able to say that I use this product for ? and this is why I like it. But, you don't have to have every product to sell PC.
 

1. What expenses can I deduct as a show business owner?

As a show business owner, you can deduct expenses that are considered necessary and ordinary for your business. This includes expenses for advertising, travel, equipment, costumes, and supplies. It is important to keep detailed records and receipts for all expenses to support your deductions.

2. Do I need to pay estimated taxes as a show business owner?

Yes, as a show business owner, you are considered self-employed and are responsible for paying estimated taxes throughout the year. This means making quarterly tax payments to the IRS based on your expected income. It is important to keep track of your income and expenses to accurately estimate your tax payments.

3. Can I deduct my home office as a business expense?

If you use a dedicated space in your home for your show business, you may be able to deduct it as a business expense. However, the space must be used exclusively for your business and not for personal use. There are specific qualifications and calculations for this deduction, so it is best to consult with a tax professional.

4. Do I need to keep track of tips received as a show business owner?

Yes, tips received are considered taxable income and should be reported on your tax return. It is important to keep track of all tips received, whether they are in cash, credit card, or other forms of payment. You may also be required to report and pay taxes on any tips you distribute to employees.

5. Are there any tax deductions specifically for show business owners?

Yes, there are several tax deductions that are unique to show business owners. These include expenses for professional development, such as classes and workshops, as well as travel expenses for auditions and performances. It is important to keep good records and consult with a tax professional to ensure you are taking advantage of all available deductions.

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