Tuesday, April 15, 2008

The Best Advice I Could Give

If you're serious about taking a swing at making a movie or a short film, and actually spending a hefty sum on it (especially from your own pocket), incorporate yourself as production business. This way, everything you buy for the production is a tax write-off, and you can claim your business as a loss (assuming you make no revenue because you're not really selling anything yet). I've said this all before in this blog, but I'm saying it again now because I finally know what my tax return will be and it is friggin' sah-weet. Without giving away the number, let me just say that it will take a hefty bite out of that debt I was bitching about a few entries back (although it won't obliterate it, but still).

And special thanks to both Winnie and Bonnie who advised that it's what I should've done. It is the best advice, and it's not in any of those "make your own movie" books. To you fellow fledging filmmakers...incorporate yourself!

1 comment:

Caleb said...

Good to hear Ralph.

You still gonna get the $600.00 on top 'o that?

Oh and HOLY CRAP! I watched the Clerks 2 DVD and I completely forgot that you were on the bonus features!!!!

It was like I know that guy!!!!!