Jump to content


Section 181, claiming indie film expenses on your taxes


  • Please log in to reply
6 replies to this topic

#1 Christopher Sheneman

Christopher Sheneman
  • Guests

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?


  • 0

#2 Richard Boddington

Richard Boddington
  • Sustaining Members
  • 4386 posts
  • Director

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,


  • 0

#3 Christopher Sheneman

Christopher Sheneman
  • Guests

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.


  • 0

#4 Richard Boddington

Richard Boddington
  • Sustaining Members
  • 4386 posts
  • Director

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,


  • 0

#5 Christopher Sheneman

Christopher Sheneman
  • Guests

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

 


  • 0

#6 Christopher Sheneman

Christopher Sheneman
  • Guests

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!


  • 0

#7 Richard Boddington

Richard Boddington
  • Sustaining Members
  • 4386 posts
  • Director

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,


  • 0


Abel Cine

Lemo Connectors

rebotnix Technologies

Ritter Battery

Rig Wheels Passport

Visual Products

CineLab

K5600 Lighting

NIBL

Cinelicious

Zylight

The Slider

Aerial Filmworks

Paralinx LLC

Robert Starling

Glidecam

CineTape

System Associates

Cadrage Directors Viewfinder

Pro 8mm

Aerial Filmworks

Zylight

Cadrage Directors Viewfinder

System Associates

NIBL

CineLab

Lemo Connectors

Robert Starling

Rig Wheels Passport

Visual Products

Abel Cine

Glidecam

K5600 Lighting

Pro 8mm

Ritter Battery

CineTape

rebotnix Technologies

Paralinx LLC

The Slider

Cinelicious