Note: this is not financial advice from the author or from Such A Voice. Please take this information as personal experience and not step-by-step instructions for what to do in your specific situation. Consult an accountant before filing your own taxes.
The deadline to file taxes is right around the corner! Have you filed yet as a voice-over actor? Most people tend to say that filing taxes as an entrepreneur or independent contractor is difficult – and while it is a bit more work than just uploading a W2, it’s not so bad. The most important thing is to remember everything you need to write off, proclaim, and submit! If you have yet to do so, here are some good reminders to consider:
- What are my deductions as a voice actor? Plenty! Anything you’ve purchased within the fiscal year that directly affects your business as a voice actor can be included when filing your taxes. Some things to consider include:
- Subscriptions for auditioning websites like Backstage or Voices.com
- Studio equipment – consider more than just your microphone and booth. Did you buy lights for your studio? A new computer or iPad to record on? Air conditioning?
- Travel expenses if you had to perform in-studio.
- Advertising costs, such as the fee to host your web domain, payments made to receive analytical data about your social media reach, or payments made to hire independent social media managers.
- Supply costs, such as money spent to print audition scripts, make business cards, etc.
- Training fees if you’ve received professional coaching.
- Workshops, seminars, or adjacent voice-over classes like acting and improv classes.
- Demo production fees.
- Business use of a phone, internet, or cable connection.
- You can even write off a portion of your rent if you work out of a home studio by calculating the square footage of studio space compared to the entirety of your home!
This time of year can be…taxing.
What income do I need to declare?
- If you’ve received 1099 forms or a W2 from a client, that has to be included!
- If you’ve been paid via Paypal, Venmo, CashApp, or similar 3rd parties, ensure you have downloaded tax documentation from them.
- If you’ve received physical checks from clients, be sure to declare that (unless they also sent you a 1099).
- You do NOT need to declare any money made in tips!
- If you made less than $400 in voice-over work, you don’t need to declare anything! Be sure to check the rules for freelancers specific to your state, but generally under $400 is not taxable income.
- How can I avoid a lump sum payment every April? The more you make, the more you will owe the government. Transitioning to a full-time actor was devastating every tax season. I miss getting a big tax return instead of owing!
- You have the option to file taxes quarterly instead of yearly, (above certain income thresholds you actually have to do this) which many freelancers do. You can make estimated tax payments to the IRS each quarter through their website based on your estimated income during those three months. If you end up overpaying, the IRS will send it back to you in April!
Regardless of how you choose to file, it’s crucial to practice good bookkeeping throughout your year! It is a great practice to put some money aside – that way, there’s nothing left unaccounted for when tax season comes around. Keep a record of everything you make and have to pay throughout the year involving your voice acting career. That way, you’ll be a tax-filing pro each season! If you struggle with organizing your finances in this way, it may be worthwhile for you to take a bookkeeping class or even hire a financial planner for yourself. Hey, at least those expenses are deductible!
Is there any niche tax filing tip that you’ve learned for voice actors? Share your wealth of knowledge (so to speak) in the comments below!
Check out our free PDF with pro-tips from real working voice-over actors here!
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