Get Entertainment - Important 1040 Issues. Covers Performers, Producers, Directors, Technicians, Other

Here are the tax forms and documents that you may need to file your taxes as a self-employed musician: Schedule C (Form 1040) or Schedule C-EZ (Form 1040): These forms are used to report your business income and expenses.

Use Form 2106 if you were an Armed Forces reservist, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses.

Use Form 2106 if you were an Armed Forces reservist, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses.

In determining whether or not a taxpayer is a Qualified Performing Artist, the two employers stipulated in IRC § 62(b)(1) must each pay wages to the taxpayer in an amount equal to, or greater than, $200.

Most actors will use 1040-ES. In order to calculate your estimated taxes, you'll need to estimate your tax burden for the year: your gross adjusted income, taxable income, taxes, deductions, and credits.

Tickets for Viewing Films and Plays: Actors need to attend plays and films to keep up with what's going on in their industry. They may also subscribe to services like Netflix and HBO. These costs are deductible as "research."

If you make over $600 as a freelance artist, then you will receive a form 1099-NEC or form 1099-MISC from your payer. One of these forms will go to you, and the other will go to the IRS - which means they will certainly know you owe taxes. If you make under $600, then you won't get either of those forms.

Form 2106 may be used only by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses because of the suspension of miscellaneous itemized deductions subject to the 2% floor under section 67(a) by section 67(g).