taxes By Ayda Walsh Share Tweet Share Share Here is a list of categories to organize for your tax deductions. Using an online accounting system like Freshbooks or Quickbooks is a great way to keep this easy for yourself! You can scan in receipts and track things with memos. Accept Credit cards and offer a way for clients to pay online. Hooking into your bank account is a great way to track revenue coming in as well. I use my debit card so I can easily assign vendors to specific categories so my reconciliation is easy and fast. This list is a typical expenses incurred by Video professionals such as vBloggers, videographers, freelancers, animators and independent film makers. Advertising & Promotion expenses Books, magazines, reference materialBusiness giftsBusiness insuranceBusiness meals - take a pic of the receipts and write down who you met with and what you discussed. Cabs, subways, buses Cultural eventsDistribution costsEquipmentGas and electricInternet access +web site hostingLegal and professional feesLocation costsMemberships (professional organizations)Messengers, private mail carriers, postageMortgage interest/taxesOffice suppliesProduction costsStaff wages or 1099'sStudio rent ( or % of your rent/mortgage)Studio suppliesSoftware Accounting softwareOffice Sofware such as Microsoft officeAdobe software - Creative suite AntivirusOther Editing software SuppliesTax preparationTelephoneTravelTrainingENTER IN THE DEADLINES FOR FILING ON YOUR CALENDAR!April 15th comes around pretty quickly! You may want to get your taxes done early for peace of mind especially if you are in the middle of traveling or doing gigs.If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.These are the DEADLINES you should enter into your calendar! April 12- To get your Quarterly Estimated Tax Payments Outlined and Ready.April 15– Deadline to file taxes, 1st Quarter Estimated Tax Payment Due June 12– Get your 2nd Quarter Estimated Tax Payment Outlined and Ready!June 15– 2nd Quarter Estimated Tax Payment DueSeptember 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!September 15th – 3rd Quarter Estimated Tax Payment DueOctober 15 – Deadline for extended filing, if you submit Form 4868January 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!January 15– 4th Quarter Estimated Tax Payment Due - **Make sure to postmark all your mailings on or before the deadline and get delivery confirmation! ( this has saved me in more cases than once! IRS always ends up losing paperwork and it is worth the few extra dollars vs paying fines!)Other Resources:Freelancers Union: Healthy Tax Habits Checklist — As direct as its title, this is a great checklist to you with tax organization.Freelancers Union: Tax Resources for Freelancers — This includes several in-depth categories with information to help answer all your tax questions.50 Deductions Every Filmmaker Should ConsiderIt’s a good idea to get your taxes done early for peace of mind and to free up your schedule for those last minute gigs, but know that you have until April 17th to file. If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.Here are the dates you need to keep an eye on:April 17th – Deadline to file taxes, 1st Quarter Estimated Tax Payment DueJune 15th – 2nd Quarter 2018 Estimated Tax Payment DueSeptember 17th – 3rd Quarter 2018 Estimated Tax Payment DueOctober 15th – Deadline for extended filing, if you submit Form 4868January 15h – 4th Quarter 2018 Estimated Tax Payment Due_Remember that your gear rentals are taxableIncome earned from renting out your gear or space is taxable. If your earnings exceed $600 in a given calendar year, we will ask you for certain information and you will receive a 1099 form from KitSplit that year. There might be deductions you can take against this income, such as depreciation.Did you know that sales tax is required on most rentals in New York and California? Yeah it’s a pain, but it’s important and will be way more painful if you get audited. KitSplit actually eliminates that pain by calculating and collecting sales tax on your behalf. So rest assured that when you’re renting gear with KitSplit you’ll always get a thumbs up from the IRS._Other Resources:Freelancers Union: Healthy Tax Habits Checklist — As direct as its title, this is a great checklist to you with tax organization.Freelancers Union: Tax Resources for Freelancers — This includes several in-depth categories with information to help answer all your tax questions.50 Deductions Every Filmmaker Should ConsiderDon't forget you can depreciate your equipment over 5 years. I would put your receipts and warranty info in a nice folder/binder. This makes it easy for you to refer back to items . I now take pictures of all receipts as well and upload them to quickbooks for easy access 🙂 Hope this helps! How useful was this post? Click on a star to rate it! Submit Rating Average rating 0 / 5. Vote count: 0 No votes so far! Be the first to rate this post.
