If you work in the entertainment industry you know that it has its share of advantages, but it can get tricky at tax time. Depending upon your role – whether you are an entertainer or involved in one of the many other aspects of the industry – you know how busy your schedule gets and how complex your income and expense records can be. The IRS still requires you to file your income tax returns on time, and accurately.
In all probability your return isn’t quite as straightforward as someone who works at a corporation, goes to the same job every day, and gets a weekly or monthly check with all of the taxes taken and accounted for. That’s why it’s even more important to get the right kind of help during tax season; for some entertainers, it may also be advisable to get guidance throughout the year due to the complexity of transactions for income, expenses, and investments particular to this industry.
Don’t compromise on your tax representation!
A tax professional with experience in the entertainment industry can provide you with the best advice.
Our tax firm led by Mike Habib, EA, handles various tax aspects for clients in the Entertainment Industry, for a free confidential consultation, call us today at 877-788-2937.
If you are just starting out in the entertainment industry and aren’t able to afford to hire someone, there is still help available. Check with your local taxpayer assistance center, universities, and non-profit organizations that offer free tax clinics for filing income tax returns or helping people with IRS problems. You want to be sure to find and contact them early in the tax season to make your appointment, as they fill their schedules quickly.
Professional services are worth the cost
While there are a number of tax software programs, and even an online option through the IRS, they can be difficult to navigate. If you aren’t familiar with tax code, doing your own taxes could result in the over-payment of your taxes – simply because you may not be aware of all of the deductions available to you. Entertainers and entertainment industry professionals can benefit from tax assistance by experienced tax professionals.
An Enrolled Agent (EA) can offer an additional advantage because they can provide assistance in nearly every state. Certified public accountants and tax attorneys are limited in where they can provide representation by the location of their office.
There are many reasons to hire a tax professional – whether you choose to hire a CPA, enrolled agent or tax attorney – having someone who specializes in tax preparation and has your best interest at heart will help you navigate the tax systems. They can provide you with the best way to manage your tax liabilities, help you organize your receipts and expenses, represent you in the event of an audit, and usually help you keep more of your money.
Tax Tips for Entertainment Industry Professionals:
• The more organized you are, the easier your life will be at tax time. Keep your receipts together, if you can categorize them by expense type that is even better. At the very least, start gathering your tax documents early – including any W-2s and 1099s, expense documents, gain/loss reports, and investment documentation.
• Schedule ample time to handle your taxes. You’ll need to allot time for organizing your documentation, as well as time to review everything with your tax specialist. It is a good idea to schedule an appointment with your tax preparer as soon as you have all of your filing information. It’s easier for you and your tax professional if you are able to do this as early as possible in the tax season.
• Note the dates for filing tax returns and extensions. Put an alarm on your Smartphone and mark the deadlines on your calendar to be sure you remember them.
Our Tax and IRS Audit Help Services:
• Tax Preparation: We handle every kind of tax filing including individual 1040 returns, partnership 1065 returns, corporate 1120 returns, fiduciary 1041 returns, and estate 706 returns.
• Tax Planning: We are obsessive when it comes to keeping up with the tax changes, newest planning strategies, and the most important tax information. Our obsession is to your advantage – we will work with you to plan your year so you can keep a handle on your taxes and keep them as low as possible.
• Tax Controversy: If you find yourself requiring assistance in dealing with the IRS or any State tax agency, we’ll be right by your side. We can represent you and help you resolve your tax problems from negotiating tax settlements, to resolving back taxes, completing and submitting unfiled returns, and 941 employment tax resolution. We have the experience and the expertise to efficiently, affordably, and discretely handle your tax problems. And we’ll walk you through every step of the process.
• IRS Audit Help: We represent audited taxpayers before the IRS, so they do not have to meet the IRS tax auditor. If you receive an audit letter, we can review and present your returns, along with the supporting documentation the auditor may want to see. We’ll even work to reconstruct your backup if necessary. We know the laws and taxpayer rights, so we will resolve the audit to the best possible outcome on your behalf – all without it being necessary for you to take time off to meet with the auditor.
Our tax firm has the technical knowledge and expertise to provide you with the outstanding tax service that you deserve. All of your tax needs can easily be conducted to suit your schedule and availability. We can arrange to meet in person at our office or we can handle everything by mail, e-mail, or by fax.
Our office provides various tax services:
• Individual Tax Preparation
• Business Tax Return Preparation
• Tax representation services
• Tax problem resolution
• Gift and Estate Tax Return Preparation
• Corporate and Partnership Tax Preparation
• Estate and Succession Planning
• Tax and Education Planning
• Out-of-State Returns
• Business formation and set-up advice
For assistance with all of your tax needs, please contact our tax firm for a free tax consultation at 877-788-2937.
Mike Habib, EA is a boutique tax firm that helps individual and business taxpayers with all tax services, including tax controversy matters. We have the highest BBB rating of “A +”.