Voiceovers And The New Tax Code, Part 2 – The Not Silent Blog 1/9/18

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2 Responses

  1. Hi Tom. Thank you for the article. However, I’m not sure the 20% deduction will apply to voice over artists. One of the businesses that the deduction does not apply to is one which relies on the reputation or skill of the owners. Here is a summary of that section. We will have to see how the IRS interprets this section as to if it applies to performing artists like VO artists.

    What is Qualified Business Income?
    Qualified business income is the net amount of domestic qualified items of income, gain, deduction and loss with respect to the taxpayer’s qualified trades and businesses, which generally means any trades or businesses .

    But the qualified business income cannot include income from certain class of business which are collectively defined as “specified service businesses.”

    What are Specified Service Businesses ?
    “Specified service businesses” are professions in the fields of

    Health,
    law, consulting,
    athletics,
    financial services,
    brokerage services, or
    any trade or business where the principal asset of such trade or business is
    the reputation or skill of one or more of its employees or owners, or
    which involves the performance of services that consist of investing and investment in management trading, or dealing in securities, partnership interests, or commodities (excluding engineering and architecture).

  2. Tom Dheere says:

    I got my taxes done last week and my CPA isn’t sure either. The line, “any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners” could be interpreted as voice talent so we’ll see…

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