In this Fighting Broke series, we covered
- Tax Tips for Hollywood Freelancers: An Introduction
- Best Tax Practices for Hollywood Freelancers
- 30 Badass Tax Deductions To Take
- 7 Mistakes to Avoid When Claiming Tax Deductions
For all the lessons covered here, the most important thing is this…
Marathon, Not a Sprint
I often think back to when I first moved to LA…
At that time, my goal was to make a name for myself within year one. If that didn’t happen, I told myself, I’d head back to NY.
The hubris is laughable.
I sold myself on the sprint, because I wasn’t committed to the marathon.
Death and Taxes
The two certainties in life.
Regardless of your stance on succeeding in Hollywood, or anything else in life…
Sprinting is meaningless when it comes to these two things. By that, I mean:
- Rushing around trying to learn all the nuances within a tax year
- Feeling guilty if you missed a deduction
- Feeling angry because you owed the IRS more than you planned
The point of this series isn’t to catch every deduction or to save every dollar you can.
The point is creating the foundation to build your knowledge.
Everything you learned in this series, you can apply to next year. And the year after that, and the year after that.
I wouldn’t have learned any of this without my own struggles or awful gut-checks as I wrote large checks to the IRS.
If it doesn’t go perfectly right, don’t think of it as a failure.
Think of it as an experiment that didn’t work this year.
Fortunately, you have next year to make it better.
Photo Credit: Thomas Hawk