Financial Advice

Bargains in New York

Even when the economy is good, actors can use bargains. Here are some favorites of the Back Stage staff.

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."

Budget or Move It!

Back Stage asked three actors to track their spending for one month to see how they're faring. A pair of financial experts then offered advice on how these ambitious thespians can best attain their financial goals.

Saving for a Rainy Day

You have to pay your agent 10 percent and your manager 10 percent; why not 10 percent for yourself as well? Take that money right off the top and put it away for a rainy day.

New Way to Deal with Credit Card Debt

As the recession continues and companies cut costs, the consequences for actors are acutely felt: fewer productions, fewer auditions, and fewer bucks coming in.

Travel for Business

On occasion, you may get the opportunity to tour with a show or to shoot on a location that's well beyond your normal travel circles. The IRS calls it "traveling away from home" when your job requires you to be away from home substantially longer than an ordinary day ...

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.

Preparing Your Own Return

Every year, I caution people to be careful about preparing their own tax returns. Coming from a tax preparer, this advice may appear self-serving, but it isn't. Just the other day, something happened that called into question the idea, so heavily promoted in TV ads, that doing your own ...