Preparing Your Tax Returns
Since 1982, I have developed my Woodland Hills, CA accounting firm to serve the tax needs of my client base in the entertainment, real estate, and medical industries. Whether you are a sole proprietor, a business partnership, or a professional corporation, my accounting staff and I are there for you.
Tax Planning: The Basics
When you are about to fill out your tax return, you are probably overwhelmed with uncertainty and frustration. Understandably, you have many questions: “Which expenses can be deducted and which cannot? What is the difference between a W2 and a 1099? If I work freelance, how often do I need to file my taxes? Are there any retirement plans, like IRAs and 401Ks, that are worth investing? How do sales tax returns play an important role in my finances?” We will offer you a full consultation and service on your basic tax preparation needs. We combine experience with patience while meticulously going over your entire tax returns, explaining every detail, until your familiarity of the returns becomes second nature. We are dedicated to accomplishing all of your tax planning goals.
Tax Planning for Entertainers (Actors, Writers, and Musicians)
My staff and I understand that tax preparation for entertainers is more detailed and diverse than the basic individual tax return. Strategic planning of tax returns for entertainers is intricate because of the multiple income sources and the numerous possible deductions. And the tax filing for each entertainer can be different from another; filing taxes for actors is very different from musicians.
Ultimately, entertainers have a variety of different income tax sources. For example, a film actor might receive the following: a salary for filming a movie, payments dependent on the sales of the film (participations), and payments for future airings of the film on television (also known as residuals). If an actor films three movies in a year, that is already nine income sources. He may also receive compensation for endorsements of products, filming commercials, event appearances, and more. With so many different income sources, it is crucial to keep careful tax records of payments made and received. Experienced accountants like my staff and I can mange such diverse income sources.
We also delve into the complexity of deductions of unconventional items being used that may be connected to your work, such as clothing, spa treatments, and gym memberships. We will also discuss with you the importance of cash management from your various sources of income. You might need to establish a separate corporation for tax and liability purposes and explore taxation of intellectual property (such as songs and scripts), international tax planning, wealth management, and estate planning. All of these factors, as well as many more, are covered diligently by us.
Regardless of what industry you are in, whether your tax return is basic or complex, my staff of expert Los Angeles area accountants can provide the best in income tax services.
