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Under United States tax law, certain performing artists are eligible to deduct the expenses incurred in the course of their employment as performing artists ("performing artist expenses"). The deduction itself is provided by IRC § 62(a)(2)(B), [ 1 ] while qualifications of a Qualified Performing Artist ("QPA") are provided by IRC § 62(b).
Entertainment tax also sometimes referred to as "amusement tax" is any tax levied on any form of commercial entertainment, such as movie tickets, exhibitions, sport events and more. The specific rules such as the tax rate of entertainment tax and cases of tax exemption are subject to local authorities, as is their collection.
Meals, entertainment, and travel expenses might be tax deductible for small business owners and some employees. Let's start with small business owners. If you spend money on meals, entertainment ...
This facilitated amendments to 2011 tax returns to claim a casualty tax deduction. [4] Gambling losses, but only to the extent of gambling income (For example, a person who wins $1,000 in various gambling activities during the tax year and loses $800 in other gambling activities can deduct the $800 in losses, resulting in net gambling income of ...
The entertainment industry (informally known as show business or show biz) is part of the tertiary sector of the economy and includes many sub-industries devoted to entertainment. However, the term is often used in the mass media to describe the mass media companies that control the distribution and manufacture of mass media entertainment.
Key takeways. Fees related to personal credit cards are generally not tax deductible. If you use a card for business purposes, you can deduct fees on those cards that the IRS deems “ordinary ...
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...
Hollywood accounting (also known as Hollywood bookkeeping) is the opaque or "creative" set of accounting methods used by the film, video, television and music industry to budget and record profits for creative projects.