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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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The Slider

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Ritter Battery

CineLab

Visual Products