As an actor, you will be seen as an independent contractor, completely self-employed. Self-employed professionals have a range of tax deduction opportunities that can be taken with adequate proof. It is important to familiarize yourself with common tax deductions of self-employed professionals and apply them to professional expenses incurred while applying your craft.
As a general rule, you should keep all receipts with specific information as to the nature of the expense. If you are claiming entertainment expense be sure to conduct business during the meal and keep a record of who was there, what was discussed, when the meal took place, etc. Here are other items that may be considered a tax deduction:
*Keep in mind – the laws are changing all the time, so be sure to consult your tax accountant for further advice.
•Agents and Managers (business, personal, etc.)
•Trade papers, plays, books, journals, and research materials
•Telephone and answering service
•Photos, publicity, promotion
•Acting lessons, dramatic coaching, music training, etc.
•Academy Players Directory listings and advertising
•Business gifts and promotion
•Postage and office expense
•Tapes (audio and video), records, sheet music, etc.
•Make-up, hair styling/cuts, and grooming
•Costuming and special clothing
•Alterations, laundry and cleaning
•Auto mileage to and from auditions, agencies, studios, etc.
•Location and tour expenses
•Hotels, lodging and meals
•Depreciation of any necessary machinery for your work