NEW YORK, March 2, 2020 /PRNewswire/ -- The Actors' Tax Guide for Filing Season 2020 has been published by the Enrolled Agents and accountants Bambridge Accountants New York.
- Explanation of types of income for actors - employed vs self-employed income
- Expenses and deductions that you can claim as an actor
- Changes to claiming expenses after the Tax Cuts and Jobs Act
- Upcoming changes in 2020 for actors
The firm, which specializes in handling the tax affairs of actors in New York and California, has issued a detailed tax guide for actors to help in preparing their federal and state tax returns in 2020. Taxes for actors can be complex as they may have a mix of employed and self-employed income and a variety of expenses that other professions can't claim.
After The Tax Cuts and Jobs Act came in to force in 2018, many actors have been unable to claim their work expenses, leading to tax bills thousands of dollars higher.
The Actors' Tax Guide explains in detail the changes from The Tax Cuts and Jobs Act and what actors can now claim.
The tax guide also contains tips for actors if they want to save tax.
For upcoming changes, a bill was placed before Congress for the problem to be corrected. The Performing Artist Tax Parity Act would allow single actors to claim additional expenses and reduce their taxes.
Alistair Bambridge, partner at Bambridge Accountants New York, explains: "Actors can struggle with taxes, the law is complex, the Actors' Tax Guide helps to simply the tax rules and put actors back in control.
"Actors have many expenses that most professions can't claim, the tax guide helps to demystify what can and can't be claimed.
"Since the Tax Cuts and Jobs Act was introduced, actors have been left at a disadvantage - the 2020 Actors' Tax Guide explains the changes for actors and how they can still save tax.
"Donald Trump's election promised tax cuts and opportunities, but for actors, they have been left with unfair new tax rules. Expenses that they need to work as an actor like headshots, travel and agent fees are no longer deductible. These expenses can be up to 30% of their income and there is no relief.
"Actors have hope for 2020 with the introduction of a bill in Congress to allow them to claim all the expenses that were allowed before 2018. Actors are just looking for fairness, a level playing field when it comes to paying tax.
"The Performing Artist Tax Parity Act will bring much-needed relief to these hard-working families and it should be a priority to be passed in 2020."
Contact Alistair Bambridge, [email protected], 646 956 5566.
Bambridge Accountants New York is a New York-based firm specializing in actors.
Bambridge Accountants New York
Actors' Tax Guide for Filing Season 2020 Published by Bambridge Accountants New York
SOURCE Bambridge Accountants New York