Interested in Performing Artist Deduction? On this page, we have collected links for you, where you will receive the most necessary information about Performing Artist Deduction.
https://www.jacksonhewitt.com/tax-help/tax-tips-topics/employment/job-specific-deductions/performance-artist/
Feb 21, 2021 · You perform services in the performing arts as an employee for at least two employers. You receive at least $200 each from any two of these employers. Your related performing-arts business expenses are more than 10% of your gross income from the performance of those services.
https://www.thebalance.com/qualified-performing-artists-tax-deduction-3192993
Nov 30, 2020 · The deduction is reserved for a few select workers, including performing artists who work as employees. Employees used to have two options for claiming job-related expenses as a tax deduction. They could take this above-the-line deduction, or they could claim an itemized deduction for unreimbursed job expenses for W-2 income.Estimated Reading Time: 7 mins
https://www.irs.gov/instructions/i2106
If you are not a member of the Armed Forces reserves, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses, and receive reimbursements in excess of your expenses from your employer’s nonaccountable plan, the excess reimbursements should be included in your wages (in box 1 of Form W-2) and reported on …
https://www.nolo.com/legal-encyclopedia/tax-deductions-artists.html
If you're a professional artist, there are many deductions you can take to reduce your taxable income for the year, and thereby reduce your taxes. Such deductions are quite valuable--for example, if you're in the 22% tax bracket, each $100 in deductions saves you $22 in income tax.Estimated Reading Time: 7 mins
https://www.irs.gov/publications/p529
Deduction for excess premium. On certain bonds (such as bonds that pay a variable rate of interest or that provide for an interest-free period), the amount of bond premium allocable to a period may exceed the amount of stated interest allocable to the period. ... You are a qualified performing artist claiming performing-artist-related expenses.
https://ttlc.intuit.com/community/taxes/discussion/what-qualifies-as-a-performing-artist/00/780809
Jun 08, 2019 · - Performed services in the performing arts as an employee for at least two employers during the tax year. - Received at least $200 in wages from each of the two employers. - Had allowable business expenses of more than 10% of gross income from the performing arts - Had an adjusted gross income of $16,000 or less before deducting these expenses.Estimated Reading Time: 2 mins
https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-musicians-guide-to-taxes-top-tax-deductions/L3dFXFokF
Deductions often overlooked by musicians are the costs of such things as tickets, transportation, and parking, incurred when you attend other musicians' performances. You attend these performances in order to enjoy them, but also to learn about musical trends, which makes them deductible.
https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-use-the-performing-artist-deduction-its-not-prompting-me-in-turbo-tax/00/533350
Qualified performing artist. You are a qualified performing artist if you: Performed services in the performing arts as an employee for at least two employers during the tax year, Received from at least two of those employers wages of $200 or more per employer,Estimated Reading Time: 1 min
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