Musicians and Entertainers
As musicians and entertainers, there are many tax deductions you can take. For example, you can deduct the cost of theatrical clothing and accessories that aren't suitable for everyday wear. Also you may be able to deduct any ordinary and necessary business-related expenses for travel away from home such as local transportation, entertainment, and gifts, deduct travel expenses paid or incurred in connection to your work.
The first rule of the road: Be sure to map out a plan
What's the one thing we all need to retire comfortably? If you answered money, you're partially correct. But meeting the financial challenges of retirement requires something even more essential - a good plan! You need a strategy for growing your retirement savings and turning it into income stream that can last a lifetime. Careful Planning is essential. Finding the right professional to help you is just as crucial. At Manning CPA & Co., we are honor to help you achieve this important milestone.
Create and pass your wealth from generation to generation
Have you thought about how much estate taxes your children and your grandchildren have to pay for your family assets when you and your spouse pass away? Without proper estate and tax planning, your family may have to force selling your hard-earned assets or a portion of your business to cover the gruesome estate tax to the government. Fortunately, there is a solution to this problem for a fraction of its cost.
Take control of your future and finance
You've worked hard to live life on your terms. So, when you think of your later years, you probably don't envision becoming dependent on family members or being restricted in the services and providers you have access to. Statistic shows that at least 50 % of the senior would need Long Term Care some time in their life. But, as life expectancies continue to rise, the need for some form of long-term care is likely to increase as well. These expenses can add up quickly and can have a huge impact on you and your family personal finances. Care should be taken to ensure that you have the right Long Term Care product to protect your financial well being. Our company would help you strategize and customize a policy to fit you and your family needs.
Can you deduct travel expenses?
If you are an employee and have ordinary and necessary business-related expenses for travel away from home such as local transportation, entertainment, and gifts, you may be able to deduct travel expenses paid or incurred in connection with a temporary work assignment (generally less than one year).
If you are a U.S. citizen or a resident alien of the United States and you live or work abroad, you are taxed on your worldwide income. However, you may qualify to exclude up to $101,300 of your foreign earnings (for 2016). In addition, you can exclude or deduct certain foreign housing amounts. You also may be entitled to exclude from income the value of meals and lodging provided to you by your employer. The tax laws for expatriates are quite complicated.