Did you forget any business tax deductions??
Let’s get down to brass tacks:
As a non-union on-camera and voiceover actress, keeping track of money is kind of a big deal. Unless you went to business school (spoiler: most of us didn't), nobody really teaches you this stuff. So here's what I know: sometimes learned the hard way, and even as recent as today.
**I'll be discussing all this and more for my fellow actors at the
Challenger Center here in Tallahassee on April 21 from 7pm to 9pm.
Click on the poster below for more info! Can't make it but interested? No problem, just let me know!
“Act like a Professional” Workshop hosted by Tallahassee Filmmakers, and the Challenger Learning Center.
🏦 Open a Business Bank Account Keep your business money separate from your personal money. When you set it up, throw in enough to cover a few months of expenses. Cash flow can get weird, and you don't want to be caught short. (especially those agents that operate under net90)
📒 Track Your Income & Expenses Quick reminder: business income is NOT the same as your profit. I use Wave apps to track these things, my business account is linked, transactions log automatically, and I sort through and categorize them every couple of weeks. Easier to stay on top of without losing your mind.
📍 Log Where Your Jobs Come From Luckily for us, Florida has no state income tax! But book a job in Georgia, Alabama, or Louisiana and that's a different story. You may owe taxes in that state. Keep a log of where each job was filmed or sourced, what you were paid, and the dates. Some states have a minimum threshold before you owe anything, so the details really do matter. Also worth noting, some bigger productions pull taxes from your pay, so make sure that's in your records, too.
💰 Set Aside Money for Taxes If you profit, set aside at least 15% for taxes, this means actually set it aside somewhere you're not going to touch it. I keep mine in a high-yield savings account (HYSA) so it at least earns a little interest while it sits there. Future you will be very grateful.
📅 Pay Quarterly Taxes Every quarter, pay your estimated taxes over at IRS.gov. It sounds scarier than it is, and it keeps you from getting smacked with penalties at the end of the year. This is only if you profit, just to be clear. Some people I know actually skip the quarterly payments and eat the penalty instead, and use the money to invest in the meantime. It's a gamble, but hey, it's an option.
📄 Send Invoices Don't just hope clients pay you, send an invoice! You can make your own or use something like Wave apps. Getting paid through the app is often faster (but also takes a percentage). If you're not out here hustling for your own clients yet, this might be unnecessary. Worth setting up when the time is right.
🏢 Set Up a Business Entity I'm set up as an LLC. It's professional, and in Florida it only runs about $130 a year to maintain.
One thing I learned the hard way: if your LLC name is different from your personal name (mine is Tabs Inner Voice, LLC), bring that documentation to the bank when you open your business account. Otherwise you literally cannot deposit checks made out to your business. Ask me how I know. 😅 **There are other business structure options to elect, based on your specific needs.
📬 Chase Down Your W-9s Clients don't always send you tax forms on time. Around mid-March, I start emailing anyone who paid me more than $600 the year before to ask for a W-9. Pro tip: have a pre-filled I-9 pdf to send them, it speeds up the process so you can file on time.
✂️ Know What You Can (and Can't) Deduct Not every expense is a full write-off, and some things are grayer than you'd think i.e. clothing, hair, makeup. The IRS has feelings about all of it. A deduction doesn't mean you get the full cost back, so know the difference before you start claiming things. When in doubt, do some research or ask a CPA.
Want to Learn More? I'm breaking all of this down and more live at the
Challenger Center in Tallahassee on April 21 from 7–9pm.
Can't make it in person? Reply to this email, I'm planning to record it for those of you who can't be there.
Learn from my mistakes, save yourself the headache, and good luck out there! Happy to answer any questions. 😊
In other news:
I recently recorded this "Voice of God" video for an Easter live event here in Tallahassee in my new studio!
Recent collab with Revell Media for Keith Lawson Services
Stay bold,
Tabs
