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Tax Deductions for Writers

3/19/2013

2 Comments

 
Everybody likes to save money on their taxes. If you're a writer, here's what you can write off:
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Remember: We are script analysts, not tax professionals, so take all of this information with a grain of salt.

Here's a big list of things writers can deduct from their taxes...

1. Food

Anything that is consumed during direct business discussions counts, including:

- lunch with a potential manager
- dinner with a writing partner
- breakfast with actor

Food is only deductible when it is "ordinary, necessary and business related." So keep a careful log of what's discussed at each meeting, and don't over indulge just because it's deductible.

2. Travel

- coming to LA to meet with agents and managers
- scouting a location for a film you're shooting
- plane tickets, hotels and taxi rides included
- meals consumed while travelling are only 50% deductible.

Don't forget to keep your receipts.

3. Research

- Netflix
- IMDB Pro
- Hulu Plus
- Amazon Prime
- Movie rentals

4. Tickets

- improv show
- play or musical theater
- going to the movies

5. Home Office

If you designate at least one room in your house to writing, then you’ve got a home office, and that’s deductible. The room has to be solely used for writing, but if it is, you can deduct it based on the square footage of your home, and the square footage of your home office. You can also deduct associated costs, like insurance, utilities and repairs.

Note: You CANNOT deduct a ‘dual purpose’ room. That means if you have a desk in your living room, where you also nap and watch TV, it’s not deductible. Kind of sucks for apartment dwellers, but oh well. Deduct all the other stuff here and you’ll still be saving money!

6. Writing Equipment

- Final Draft
- Printers
- Printing paper
- office chair
- computer

Any equipment used for writing that you bought within the last taxable year.

8. other

- script analysis
- script coverage
- contest entries 
- screenwriting books and DVDs


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2 Comments
Derek Rushlow link
3/20/2013 02:10:07 am

Great article! Too bad I haven't reached that level in my screenwriting "career" yet. Someday...

Reply
Script Quack link
4/7/2013 10:48:48 am

Thanks for stopping by, Derek. Keep writing!

Reply



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