![]() As a freelance filmmaker, you are essentially your own business. Still, there are ways that you can utilize tax write-offs as a freelance filmmaker. After all, most freelance filmmakers are dealing with much smaller budgets that don’t warrant millions of dollars in donations. What Tax Deductions Mean For You as a Freelance FilmmakerĪlthough section 181 is great for big-budget movies, it doesn’t so much apply to many freelance filmmakers. For investors to really get a profit on their money, they must borrow a portion of the investment, essentially taking a gamble on whether or not the movie will be successful. Despite the current fiasco on Rust, there are no statistics that show section 181 posing a higher risk to the movie set.Īnother controversial debate about section 181 is how lucrative it is for investors. For starters, some producers worry that section 181 will encourage inexperienced filmmakers to get more involved in the movie production process, resulting in more accidents and mishaps on set. Even big movies, like Alec Baldwin new movie Rust, use section 181 for funding.Īlthough section 181 is great for filmmakers, there is still controversy surrounding it. What makes section 181 so valuable is that it allows high bracket investors to put $1,000,000 into production, allowing them to recoup $350,000 during tax season. Section 181 allows a movie producer to write off the first $15 million invested whenever it is filmed or produced within the US during the first year the money is spent. One of the more prominent write-offs relating to American filmmaking is section 181. With tax deductions, all filmmakers get to write off business expenses come tax season. Most notably, there are ways that you can write off your expenses so that your overall tax bill is lowered. Luckily, there are ways that you can save a little bit of money, whether you are a big-name producer or freelance filmmaker. ![]() ![]() As a result, indie filmmakers are left struggling to get investors involved in their products, while big box office films have insane budgets galore. Freelance filmmakers have long been struggling to get film investors involved in their movie production.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |