Quote:
Originally Posted by Sideline
The actor doesnt get to do gross income if they are getting W2s, which has been pointed out by people in this thread in the industry that most of them do.
In 2017 the actor could essentially gross his/her income by taking an above the line deduction(don't need to itemize to do this) of unreimbursed employee deductions. In 2018 those expenses are capped at 2% of income.
Apparently Actors/Directors/producers have a lot of expenses(agents, advertising, training, ect). Some of them would pay less money by incorporating in 2018 when they didn't need to in 2017.
Someone correct me if any of the above is wrong.
Quote:
Originally Posted by MrWookie
Pay no attention to the guys who do this for a living. This guy logics!
They're deducting $12k already from the standard deduction. In 2017 it was $6.4k.
If they're bringing in an accountant, they're going to have to pay that person too. So if the accountant is $200, they're going to have to come up with an additional ~$2k on top of the standard $12k, for $14k in deductable expenses to justify the cost of the accountant.
If they're being issued a W2, then its even simpler because their taxible income from employment(s) are already being identified.
If they really do have enough expenses
to justify not using a 1040EZ (I forgot the EZ has been discontinued, but the new 1040 is similar to the EZ, just no schedules.), then they should first use a tax prep software like TurboTax or HRBlock for $50 and see what they get.
Last edited by Lapidator; 02-07-2019 at 12:35 PM.