This year has been very different for actors worldwide. Financial advisors for the entertainment industry would advise you to broaden your horizons and consider other jobs at the moment. It can be challenging landing an acting role right now, but you can still be up-to-date in your tax filings and claim expenses for other part-time work. Here are some mindset shifts that we all need at this time, especially when taking other part-time jobs.
You could be doing well at a show one day and wake up jobless the next; you've undoubtedly heard the same story from many people in the past few months. Employers are going through fluctuations as well; volume dictates the week-to-week earnings of many establishments.
Be flexible with your part-time employers. If they can rely on you to show up when they call, you will be the first in line to get gigs. Use this time to save for when the entertainment industry gets back to its pre-pandemic levels of activity.
Be honest about your past work experience; many employers value your soft skills. For instance, most actors are punctual, have excellent interpersonal skills, and ease the mood in the workplace. Your employer should understand that they're not hiring you for life. Work into your interview that you're looking for part-time work in an industry that appeals to you, and they would appreciate your honesty.
The role you get hired while acting work is scarce is not going to be your career. Keep reminding yourself that it's alright to quit. Although your work is temporary, don't consider this an excuse to behave any way you want. You might non-acting work again in the future, so parting on good terms with your employer is essential.
Also, just because it's not your regular job, that does not mean you can exclude this in your filings. Consult someone who provides accounting for entertainers about how to include this work in your income tax returns.
Practice regularly through scene work, networking, monologues, and craft exercises. Your acting skills are your bread and butter, so don't let them go to waste. Connect with other actors as well and become each others' accountability partners. Those who practiced during this time will be at an advantage when work starts again.
An accountant specializing in the entertainment industry can help you determine which expenses you can claim as work expenses, and which ones are ineligible. Knowing where the line is will help you determine if your next work-related purchase is necessary or frivolous.
Even if you're not working as an actor right now, you should stay busy and employed. Now is the time to be picky; it's fine to take a job offer in an industry that's far from entertainment. Doing this will help you pay your taxes, keep your skills sharp, and have money when auditions start again.
Secure your future and keep your finances safe when you choose Aaron Parthemer for your accounting needs. We are a boutique accounting and advisory firm in Fort Lauderdale, FL, providing advanced tax strategies to celebrities, entertainers and executives. Contact us today for inquiries.