» Posts Tagged ‘taxes’

Description image

Kickstarter_tax_1

After months of busting your hump making pitch videos, coming up with rewards, and tweeting like there was no tomorrow, (hopefully) you’ve found yourself celebrating a fully funded crowdfunding campaign. However, before you start reveling in your success, you might want to figure out just how much of those funds will make it into your production’s budget not only after you pay your platform’s fees, but after you pay the taxman as well. Yes, taxes can take a pretty substantial bite out of your funds, but here are a few ideas on how to run your Kickstarter campaign to make the bite less severe come Tax Day next year.

This is a guest post by Ben Henretig. More »

Description image

Money_02

Finding money is often one of the toughest tasks many independent film producers face, as well as one of the most critical. You need money to make movies, and you need to make movies to build a successful career. Building relationships with investors is one big, important step you can take to help find money on an ongoing basis for your projects and further your cause.

This is a guest post by Fred Siegel, CPA. More »

Description image

If you’re involved in the film or TV industry in any way, there’s a good chance you or someone you know has benefitted from Section 181 of the U.S. IRS Tax Code since it was established in 2004. Basically, it gives any investor the ability to deduct 100% of the money they invest in that same year for production costs up to $15 million dollars — and possibly as much as $20 million dollars. The good news is that as part of the last minute “Fiscal Cliff” deal, Section 181 has been renewed for 2013, which means that investors have a federal incentive to put money into a project, in addition to the various state tax incentives. More »

Description image

Did you know that for the last seven years, film investors could tax-deduct the entirety of their film investment (up to $20 million), in the same year they made the investment, regardless of whether the film made a profit or loss? This has been possible thanks to IRS Code Section 181, which, according to indieWIRE, is the only federal tax credit available for independent film investors. Section 181 is set to expire at the end of 2011, however, and is not likely to be renewed. So if you’re looking for investment in a film project of yours, and you want to entice investors with this significant deduction, you’ve got a little over two months to get started — and by “get started,” I mean getting your paperwork in order and filming at least one day (thus the reason for the asterisk). More »

Description image

I’m a few days late on this, but as someone who’s been trying to get a low-budget NYC production off the ground for the past six months, this is not a pleasant specter to stare in the face: More »