Cue the music and a 5, 6, 7, 8! In this blog post, we’re unveiling the tax write-offs applicable to dancers. From costume expenses to travel, we’ll delve into various aspects that qualify as business deductions for dancers.
Tax Write-Offs for Dancers 🩰🕺
Want an overview of write-offs before diving in? Check out our previous post!
In general, if you plan on claiming any of these items/services as a write-off, always keep your receipts.
Professional Services ✨
- Manager and agent fees/commissions
- Union dues
- Legal fees
- Accountants
- Financial software (like Sai 😉)
- Consultants
Promotional Expenses 💻
- Headshots and photos/videos
- Demo reel costs and fees
- Résumé printing costs
- Website subscriptions
- Business cards
- Mailing expenses
Professional Development 📚
- Dance classes
- Workshops, masterclasses, and seminars
- Studio/rehearsal space
- Tickets to performances (considered research expenses to know what’s happening in the industry)
- Subscriptions useful for dancers (casting websites or industry news)
Travel 🚗
- Local commute expenses related to auditions, competitions, rehearsals, classes, and performances, such as subway fares, taxis, tolls, and car gas, maintenance, and insurance
- Travel expenses related to auditions, competitions, rehearsals, classes, and performances, such as plane tickets and accommodation costs
Aesthetics 💄
- Initial makeup and hair costs related to a specific audition or job
- Wardrobe/costumes used only for the job
- Dry cleaning and repair costs of the wardrobe/costumes
Food and Beverage ☕︎
- 50% of the cost of meals while travelling for business
- Food purchased as part of a business meeting
Equipment and Supplies 🩰
Some expenses can be deducted all at once, while others need to be spread out over time. This gradual deduction is known as depreciation or, for tax purposes, capital cost allowance (CCA). Basically, it means that each year, a portion of what you spent on certain things becomes a deductible expense. The percentage depends on what you bought. Expenses that cost over $300 and/or last a long time usually get deducted this way. Some examples for dancers are:
- Barres, mirrors or other equipment
- Backing tracks
- Cell phone or computer
- Dance wear (pointe shoes, leotards, etc.) – depending on cost and longevity this will either be a CCA or general deduction, but either way it’s a write-off 😉
Feeling like this is a lot to remember? 🙃
That’s literally why we made Sai. Because we know you don’t have time for this!
Sai will:
- Track + categorize all your expenses
- Give you estimates of how much tax you owe each month, so you can put that money away and NOT spend it lol
- File your taxes at the end of the year!
