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Section 181, claiming indie film expenses on your taxes


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#1 Christopher Sheneman

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Posted 28 March 2013 - 04:42 PM

So, let me understand this, according to Section 181 of the current 2013 tax code I can claim 100% of the motion picture costs (under 15M) in the same year of investment.

 

So if I spend $30,000 on my own project this year I can deduct that amount on my taxes- sweet! Right? Right?


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#2 Richard Boddington

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Posted 28 March 2013 - 09:32 PM

And you wouldn't ask an accountant becuuuuuuuuuuuuuuuse?

 

Seems like the IRS is being particularly generous since you have a hard asset on the books.

 

R,


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#3 Christopher Sheneman

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Posted 29 March 2013 - 03:09 AM

That's good advice, Richard. But I was hoping you or someone else could do that for me since this is the internet.


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#4 Richard Boddington

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Posted 29 March 2013 - 09:51 AM

And the internet is the source of all free and accurate knowledge?

 

I would trust the opinion of a fellow film industry person on taxes about as far as I could throw it.

 

I should add that my accountant has a great eye, I have him on set all the time getting his advice on exposure, composition, and lighting.

 

R,


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#5 Christopher Sheneman

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Posted 31 March 2013 - 05:31 AM

We'll, I haven't yet spoke with an accountant just yet but I have done some googling and LOCATED actual IRS website information.

http://www.irs.gov/i...7_IRB/ar09.html

 


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#6 Christopher Sheneman

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Posted 31 March 2013 - 05:48 AM

Interesting enough, if you happen to purchase materials that powder the noses of starlets aka "party favors", you can deduct that!


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#7 Richard Boddington

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Posted 31 March 2013 - 12:30 PM

We'll, I haven't yet spoke with an accountant just yet but I have done some googling and LOCATED actual IRS website information.

http://www.irs.gov/i...7_IRB/ar09.html

 

There you go, way better source of info than a camera loader or DOP!

 

What is this supposed to mean? "These temporary regulations apply to qualified film and television productions...."

 

Temporary? Interesting.

 

R,


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FJS International, LLC

Willys Widgets

Technodolly

Visual Products

Aerial Filmworks

Rig Wheels Passport

The Slider

Gamma Ray Digital Inc

Broadcast Solutions Inc

Paralinx LLC

Tai Audio

CineTape

Quantum Music Works

Zylight