15 Dec 3 Tips to Help Actors Tame Their Taxes

Actor, author & multi-certified and self described “accounting nerd” Jennifer Long offers the following tips in her book The Actors Guide to Smart Taxes (Canadian Edition) to help actors combat overwhelm when it comes to preparing their taxes

1. Many banks offer a free savings account when you open a business account. If you collect GST (the Goods and Services Tax for our non-Canadian actor friends) Jennifer suggests moving the GST portion of your income received until you have filed your GST return.
2. If you are invoicing clients for your services, always send your invoice as a PDF so that it can’t be tampered with and can be read on any computer system.
3. Sorting your receipts into an accordion file as they come in based on the category of deduction they (examples: “Office Expenses” or “Transportation & Vehicle Expenses”)will help keep you organized and will make preparing your (or taking your records to your accountant) that much easier when the time comes

For more great tips from Jennifer, check out her book HERE!