Being a SAG member for over ten years, I know the stress of starting a New Year unsure of where my acting career will take me. Here are four ideas not taught in acting schools to help you move forward into 2008 better financially organized.
1. Set up a business account for your acting career and separate out your acting expenses from your personal ones. This protects them from being categorized as “hobby” expenses by the IRS, which are not deductible. (http://www.legalzoom.com can help with a DBA – Doing Business As).
2. Assign a credit card exclusively to your acting career. Business interest is tax deductible, personal interest is not.
3. Start paying into a high interest “wealth account”, even if it is only $25-$50 per month. http://www.ingdirect.com has some of the best rates.
4. Develop a step-by-step plan to improve your financial education & situation, giving you more energy to focus on your acting career. Visit http://www.abundancebound.com for free tips and resources.
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