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Tax Tip For Actors & Artists pt 2
Assign a specific credit card to your artistic career - even if it is a personal one - and NEVER use it for personal stuff. Interest on business loans is tax deductible, interest on personal loans is not. Having even one personal expense on there blows this loophole, so be careful. Over the year you should be keeping all your credit card statement. Then, at tax time, go back through them, add up all the interest you have paid, drop it into the right place on your tax forms... and viola, an extra few hundred (or maybe more) back to you. This obviously applies equally to any expenses any actor, artist, musician incurs in the course of pursuing their art, from photo paper, to sketch books, to instruments, to acting classes... you get the idea.
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