If you watched my live video on my Facebook page (Danielle Datstagemom Jackson) thank you…If not you can watch it here if you like
I was up one night and thought I would share with you some things I learned on this journey. #OfficeTalk This is when I am talking about some real deal, business, financial important stuff. Matters of the Future
In this episode of #OfficeTalk we discussed the following points:
What is a loan out corp
Your New Normal-What schedule
Receipt Roundup-Keep them all!
What is a Loan Out Corporation
- What is a A Loan Out Corporation/Company : a third party to hire the entity (your child star).
- Your company will be the sole employer of your child star and will contract them out. The company will be able to protect assets in case of liability arising.
- With good fiscal year tax planning, the company could have significant first year tax savings
- Lower tax rates means that unlike being taxed on a slope scale as an individual, a corporation gets taxed on a flat rate. This is usually lower that if it was and individual making the same amount of money.
- Loan out companies are vital in providing Pension and profit sharing helps to stabilize income. One day the income from these services will stop and your child star will still need funds.
- Reimbursement for medical and other benefit plans.
Say Hello To Your New Normal
So, you got to set at 4pm. And after3 hours of school (mandatory), your youngstar still has 6 hours of filming… (no more than 9 1/2 on set total including school) this means that it could be almost 1 am before you get back to your home away from home…hotel., apartment, condo etc. This means the later you get to set the later it will be going to bed. Your days become your nights and it’s sometimes hard to manage. My point is ….throw your schedule away. There are times that we are out to eat at 12 am or later but we will be sleep at 3 pm. #dontjudgeus lol
Feeling silly and sleepy the camera comes out…for example. One night after the movies…
Lastly…A little Reminder….Receipt Roundup
Keep all of your receipts. From foot cream to groceries….keep your receipts. Canada is COLD. We needed different “gear”. We had to get more sweatshirts, long johns-thermal underwear, thermal socks,hats etc….That is important and a part of expenses. Get a small container and save them all. Let your tax person tell you what you don’t need. Also, Keep good records. The corporation has to complete annual taxes and you want to be able to account for all “write offs”. Also, keep in mind that your “employee” will complete taxes and the “corporation” will complete taxes as well. You want to have confirmable records.
Questions/Points to Follow up from the video.
- Do you have to spend a certain amount of money to keep the taxes low?
- Scanners for Receipts
- Resources-Loan Out Corp Assistance
I will be sure to have these answers for you very shortly. Thank you all for watching and reading. Here is a little Journey to NE pics….Don’t forget January 24th starts the 3 night New Edition movie biopic on BET.
Share the trailer and show the world how amazing these kids are.
Young Ronnie Devoe’s chair (Myles Truitt)
Tyler Williams (Young Bobby Brown) 14th birthday on set!
The Cool Duane Martin
Caleb Mclaughlin (Young Ricky Bell )
Dead on…Casting Robi Reed is awesome!
Get that face right
Relaxing in the trailer
The great Luke James (Portraying Johnnie Gill)
These young ones are amazing.
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