209. Brass Taxes CEO Rus Garofalo on Everything Actors Should Know About Taxes

We are bringing back Rus Garofalo of Brass Taxes (where I personally do my taxes). He was a hit last year, and he’s back with even more tips to help us all make this terrifying time just a little bit less scary. When it comes to taxes for creative professionals, there are so many nuisances that others don’t have to deal with because it is such a volatile industry. We go into what the difficulties that come from the tax system not being designed for those in the gig economy, and answer commonly asked tax-related questions such as quarterly taxes, business write-offs, and when it's beneficial to establish an LLC or S Corp. We also talk about how we each need to find what works for us when it comes to our money, and that includes making informed decisions. So if you’re stressed right now, sit back, listen in, and get your notebook ready to approach taxes from a place of empowerment. (PSST: Be sure to listen to the end for a special OBA discount!!)

Watch the Full Video Podcast Here!

00:00 — Introducing Rus
02:40 — Understanding Taxes for Creatives
03:15— Changes in Tax Season from 2023 to 2024
04:50 — Preparing for Income Fluctuations
07:48 — Understanding W2 and 1099 Work
10:46 — The Importance of Business Expenses
17:20 — Understanding Estimated Tax Payments
28:09 — Write-offs for Actors
30:26 — Understanding Your Role as a Creative Professional
32:43 — Navigating the Gray Areas of Business Expenses
33:17 — Regular Record Keeping
41:09 — International Taxes
43:33 — Deciding When to Start an LLC or S Corp
45:46 — The Reality of Setting Up a Business Entity
48:28 — Making Informed Decisions that Work for YOU
52:21 — Final Thoughts on Taxes for Creative Professionals

Resources Mentioned in This Episode:
★  Listen to Rus’s first episode: Taxes for Actors 101
★ NYFA: Taking Care of the Future You: Retirement for Creatives with Brass Taxes
★ Email assistant@onebrokeactress.com to get the free expense tracker and Freelancer PDF!
★ Brass Taxes FAQ “I was thinking about forming an LLC or Corporation. Is that a good idea?”
★ Brass Taxes FAQ “How do I get started”
★ Brass Taxes FAQ “Your Brass Taxes Account”
★ Brass Taxes FAQ

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