profitable

Question from a reader:”I am a stand up comic and my career is starting to take off.  What are some of the deductions I can take and can you do my taxes for me?”

My answer is that I can give you a short list of suggestions and please post me on the site or email me if you want me to do your income taxes for you.  You are basically an entertainer and can take deductions that are appropriate for your particular line of business.  If you have travel expenses that are not reimbursed, say from city to city to go to different comedy clubs to perform, you can deduct the travel – providing that you are getting paid and making money at cracking funny with your hilarious jokes or point-of-view observations.

That being said, props if you are a prop artist can be written off.  Things like ventriloquist’s dummies, some giant rubber mallets, rubber chickens and shtick things like that can be written off if they are in fact part of your act or you purchased them for research (though that is stretching the rubber chicken a bit and will be a tough sell for the IRS if you are audited and they rarely laugh when it comes to collecting money from you unless it is at your expense).

Where was I?  Ah yes, travel can possibly deducted.  Have you invested in joke books to steal, I mean pay homage to, previous comedians?  Is there something unique that you are buying that makes your act special?

You can also deduct agent and manager fees if you are paying them.  Make sure that you get a business license, too, if you are living in Los Angeles or in any city for that matter.  Licenses are being checked and cross-referenced with Federal and State Income Taxes.

Any classes for Improv or anything specific to your craft in terms of seminars can be deducted.  Just make sure that you are making money at what you are doing so you don’t get thrown into the hobby category.  That is something that will wipe the smile off of most people’s faces.

I hope that you already filed your 2008 taxes and I will be more than happy to talk with you and get you ready for your 2009 taxes.

My best to you on your career and I would love to help you with your tax return!

May 06 2009

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Kim Isaac Greenblatt

Stand Up Comic Deductions

Tags: Business, deductions, stand up comic

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