Interested in Performing Artist Deductions? On this page, we have collected links for you, where you will receive the most necessary information about Performing Artist Deductions.
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.
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.
https://www.irs.gov/publications/p529
If you are a qualified performing artist, you can deduct your employee business expenses as an adjustment to income rather than as a miscellaneous itemized deduction. For example, musicians and entertainers can deduct the cost of theatrical clothing and accessories that …
https://www.irs.gov/instructions/i2106
If you meet all the requirements for a qualified performing artist, include the part of the line 10 amount attributable to performing-arts-related expenses in the total on Schedule 1 (Form 1040), line 11, and attach Form 2106 to your return. Your performing-arts-related business expenses are deductible whether or not you itemize deductions.
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://pjkubey.com/files/2021-DEDUCTIONS-PERFORMING-ARTISTS-for-2020-returns.pdf
PERFORMING ARTIST DEDUCTIONS . Accompanist Fees/Audition Fees/Competition Fees . Accounting Fees/Tax & Financial Advice & Preparation . Agent/Management Fees and Retainers/Contractor’s Fees . Auto Expenses (see Auto Expense document)/Auto Rental for business Books and Publications pertaining to your field (Backstage, % of NY Times, etc.)
https://ttlc.intuit.com/community/taxes/discussion/what-qualifies-as-a-performing-artist/00/780809
Jun 07, 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.
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