Actor with Small Film Production Company

[Gold_Bond1989]

Hello,

I hope you guys can help. I got paid in 2021 for an acting job ($850) and I got a 1099-NEC from my talent agency but I also started a film production LLC. I'm the sole member. I paid someone $1500 for work. I got a W-9 from them and I filed a 1099 NEC on January 31st.

My question is- Do need to file two schedule Cs-one as an actor and one as a sole member LLC of film production company? Can I write off expenses used for the film productions like salaries, supplies, etc? Do I need receipts because for some of the stuff I only have credit card statements?

[LeonardS]

Yes, you will file 2 Schedule C's, one for your acting career and the other for the LLC.

You may write off expenses for your film production company to include but not limited to salaries, supplies, etc.

Actual receipts would be best but if your credit card statements can be linked to your expenses that would be acceptable.  The IRS does not have any set format for receipts, they have to be able to verify your expenses

[Gold_Bond1989]

Thank you for your reply.

Since I received a 1099-NEC for my acting job, can I deduct any expenses due to acting from that Schedule C?

[AliciaP1]

Yes, you can.  See What self-employed expenses can I deduct? to help you determine what's allowed.

@Gold_Bond1989

[Gold_Bond1989]

Thank you so much for your reply!

[Gold_Bond1989]

I have one more question, a two-parter.

For the film company, should I be filing quarterly on federal and state taxes? Would my income be $0 since I only have expenses and no profit right now?

[PattiF]

At this point in the early days of your film company, there is no need to be filing quarterly estimated tax payments. Since your income will be low,  estimated quarterly payments aren't necessary.