Entertainment Industry Income tax help

Entertainment Industry Income tax help

Every working Entertainer in the US is required to file his or her income tax returns on time and this means going through every receipt and transaction made throughout the previous year to make sure that everything is properly and accurately reported.

Unfortunately, filing your income tax return on time is a necessary hassle if you don’t want to be hounded by the IRS for neglecting your duties. Entertainers should obtain income tax help from a tax expert as an enrolled agent to make this much easier for you.

Income tax help for Entertainers can come in several forms. These days, you can find a number of software dedicated to helping taxpayers get their returns in order. There are also applications that are designed to calculate your tax dues and also provide you with easier ways of reporting deductions and income for the year.

Income tax help for Entertainers mostly come from experienced tax professionals. Enrolled Agents, CPAs and tax attorneys usually offer income tax help to high-income entertainers and businesses who may need more help in reporting complicated transactions related to their tax returns. An experienced tax professional will make sure that everything is accounted for and that the IRS will not find any reason to doubt the credibility of the data that you have presented in your income tax return.

If you’re a low-wage earner, you can also get income tax help free of charge through a local taxpayer assistance center. However, slots tend to fill up quickly so make sure to schedule an appointment as early as possible. There are also universities and non-profit organizations that establish tax clinics during the tax season to offer assistance to those who may be encountering tax problems with the IRS.

Going for professional services

Hiring an enrolled agent or a certified public accountant for Entertainer income tax help is the best way to survive the taxation season unscathed. It takes the load off your shoulders because you will have someone else to help you file the right documents and fill out the forms correctly.

It’s important to note that certified public accountants and tax lawyers are only allowed to operate in the state where they are licensed. If you have businesses or transactions outside the state, you may not be able to obtain proper representation with your local accountant. On the other hand, an enrolled agent is allowed to provide income tax help in practically every state. This is why going for an enrolled agent for income tax filing assistance can be a wiser move.

Tax guidelines for the entertainment industry

Here are a few tips on filing your income tax return:

  • Make sure to gather all your pertinent tax documents long before the deadline for filing for this year. This will include your Form W-2 as well as 1099 forms as they apply. You will also need to have other documents with you such as gain/loss reports for investments that you have sold or obtained during the previous year, as well as your summary of tax deductibles.
  • Set aside some time to focus on your tax return. Schedule an appointment with your enrolled agent in advance to get this settled. You might want to do this as soon as possible because your tax pro is going to be really busy as the deadline looms near.
  • You might also want to note the important dates surrounding the filing of income tax returns. Mark the deadlines on your calendar so you don’t forget them.

For entertainment income tax help, contact Mike Habib, EA. Mike Habib is a Los Angeles Enrolled Agent who can help you get your income tax return properly prepared, or resolve any tax problem. Contact us at 1-877-788-2937 through this website for more inquiries.

Music Related Links – Entertainment

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American Federation of Musicians (AF of M)
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American Guild of Musical Artists (AGMA)
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The Songwriters Guild of America
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Grammy.com
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Recording Industry Association of America (RIAA)
The Recording Industry Association of America is the trade group that represents the U.S. recording industry.

National Music Publishers Association/Harry Fox Agency
Currently representing more than 600 American music publishers, NMPA has worked to interpret copyright law, educate the public about licensing, and safeguard the interests of its members.

National Association of Broadcasters (NAB)
The National Association of Broadcasters is a full-service trade association that promotes and protects the interests of radio and television broadcasters in Washington and around the world.

American Society of Composers, Authors and Publishers (ASCAP)
ASCAP is a membership association of more than 120,000 U.S. composers, songwriters and publishers of every kind of music and hundreds of thousands worldwide. ASCAP protects the rights of its members by licensing and distributing royalties for the non-dramatic public performances of their copyrighted works.

Broadcast Music Inc. (BMI)
BMI is an American performing rights organization that represents approximately 300,000 songwriters, composers and music publishers in all genres of music. The non-profit-making company, founded in 1940, collects license fees on behalf of those American creators it represents, as well as thousands of creators from around the world who chose BMI for representation in the United States.

SESAC Inc.
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American Film Institute (AFI)
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The Independent Film & Television Alliance ®, formerly known as the American Film Marketing Association (“AFMA®”), is the trade association for the independent film and television industry .

Association of Film Commissioners International (AFCI)
The Association of Film Commissioners International acts as a liaison between the production industry and member film commissions, provides assistance in the development of film commissions globally, and other services for its members.

Independent Media Arts Alliance – Canada
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National Film Board of Canada
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Box Office
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Directors Guild of America
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Motion Picture & Television Fund
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Screen Actors Guild
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SAG Pension & Health
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Society of Singers
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Women in Film
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Writers Guild of America
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Academy of Television Arts & Sciences (ATAS)
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Association of Independent Commercial Producers Inc. (AICP)
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Canadian Association of Broadcasters
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Corporation of Public Broadcasting
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Hollywood Radio & Television Society
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National Association of Broadcasters (NAB)
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Broadcasting & Cable
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Directors Guild of America
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Federal Communications Commission (FCC)
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If you have received an “Intent to Levy” letter or a “Notice of Levy” letter from the IRS then you cannot afford to wait any longer! Do something to resolve your tax debt. It makes far more sense, and will probably be less costly in the long run, to resolve your tax problem with the IRS now, rather than dealing with the potential embarrassment and financial burden of having your employer garnish and levy your wage paycheck or your bank levy and freeze your bank account after receiving an IRS levy order to withhold funds from your bank account or your paycheck.

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