Daydreaming at work, was wondering if it was legal to deduct improv related expenses. Technically, improv seems to be a skill that would benefit most employers... Yeah, it's a weak argument.
Any tax advisors out there willing to comment?
According to the IRS:
You may be able to deduct work–related educational expenses paid during the year as an itemized deduction on Form 1040, Schedule A. To be deductible, your expenses must be for education that:
Maintains or improves skills required in your present job; or
Serves a business purpose of your employer and is required by your employer, or by law or regulations, to keep your present salary, status, or job.
Your expenses are not deductible if the education is required to meet the minimum educational requirements of your job, or is part of a program of study that can lead to qualifying you in a new trade or business.
source
Tax Deductible Classes?
Classes, training, and other opportunities for artistic and professional development.
Moderators: arclight, happywaffle, bradisntclever
I guess it depends on what your job is and how well you can justify it. God knows I could justify it now that I'm in marketing and dealing face to face with customers in a variety of roles a lot more often than when I was in editorial and took the classes.
I guess you could also form an LLC for the troupe, take a small cut of money, and deduct it through that a s aside-business expense perhaps.
I guess you could also form an LLC for the troupe, take a small cut of money, and deduct it through that a s aside-business expense perhaps.
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Or you could quit your "real" job and become a full time improviser and not make enough money to worry about paying taxes at all.
Or be one of those gullible dweebs that claim the income tax law, crappy though it may be, is not Constitutional and you have no legal obligation to pay it anyway. Then you can do improv for your prison buddies in the yard. Of course in 5-15 you'll get a new suit and a $50 check and you're right back having to deal with this problem again.
Or be one of those gullible dweebs that claim the income tax law, crappy though it may be, is not Constitutional and you have no legal obligation to pay it anyway. Then you can do improv for your prison buddies in the yard. Of course in 5-15 you'll get a new suit and a $50 check and you're right back having to deal with this problem again.
I get to deduct all classes, movies, shows, books, costumes, etc. But then I'm a clown. I deduct some weird ass stuff and nobody ever says anything about it. When my bookkeeper turns everything in at the end of the year it is just a line item - education= so much. I have a feeling that if that number becomes too high a percentage of what I pull in, then I might start getting in trouble.