When putting your tax records together, it's important to take your time. It's not a difficult process, but it requires attention to detail to do it properly.
Financial Advice
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Be vigilant about withholding and deductions errors, which may result in a lower refund.
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10 Ways to Keep More Money In Your Pocket
You could spend money creating a website of your own, but really, why? If you want to promote a play you're in or show off your headshots and reel, social networking sites like Facebook accomplish it beautifully.
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The Top 10 Acting Deductions to Take
How to be smart about your tax deductions to save some cash and make your money go further.
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Ordinary and Necessary Expenses
When deducting career-related expenses on your tax return, remember that you must have paid or incurred them during the tax year for which you're filing, and they must be "ordinary" and "necessary" in your line of work.
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The income on your return should include all of your gross receipts. That's all business income including cash, checks, credit card payments, bartering, and, of course, any 1099s you receive.
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The IRS is specifically targeting individuals, such as actors, who use significant amounts of miscellaneous deductions on their return.
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There are numerous reasons why the Internal Revenue Service may contact you throughout the year, so if you receive an IRS missive in the mail, don't panic.
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Day Jobs You Don't Have to Hate
"I love teaching," declares New York actor Michael Mastro. "It took me a long time to admit that. I used to feel that if I wasn't making the majority of my income from acting, then I was a failure."
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Back Stage spoke with four performers at different stages of their careers to find out how they make it in New York City.
