At its essence, a freelance actor, has always been his or her own small company. For many years we have helped and guided our clients through the process of becoming incorporated so that they could not only have more protections but also enjoy the financial benefits that come along with being their own loan out corporation.
With the passing of the new Tax Bill at the end of 2017, it is now more crucial and necessary than ever for performers to consider incorporating. Per a statement from Actors Equity, the new tax code “eliminates middle-class tax deductions for agent and manager commissions, union dues, training classes and other business expenses, while preserving deductability of those items for performers who bill through loan-out corporations, which are unaffected by the proposed change.” It is estimated that performers will now owe thousands more in taxes due to the elimination of these legitimate business expenses.
If you’re incorporated, you will actually benefit from the new tax code by not only being allotted more business expenses but by being required to pay less tax on earned income.
Protecting and ensuring the financial well-being of our clients has always been a top priority for Take 3. With the new Tax Bill, its more of a priority than ever before.
We know you have a million questions, and while we don’t have all the answers, We have teamed up with a leading incorporating group that works specifically with performers to help get you set up as a corporation, holds your hand through the process and answers all your questions, where sometimes we cannot. Click the link below to get started.