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question:  Accounting...how should a voice-over artist handle them?

answer:

The following will answer how voice over artists should handle their record-keeping, what records should be kept, and what a business ID is.

Face it, you're in business. And like any other business, maintaining records is essential. The IRS and state unemployment department agency could randomly audit you, and without proof of records, you could be at a disadvantage.

Keep records on all expenditures which are directly related to your voice over business; including, but not limited to, training costs, travel costs, marketing costs, telephone charges, etc.

Part of your mortgage/rent can be deducted if your home/office is used ONLY for your business. For example, if the home/office is 10% of your total home's square footage, you may be able to deduct 10% from your mortgage/rent.

Similarly, you can deduct your entire telephone bill if that telephone line is ONLY used for your business.

Note that if items such as home/office and telephone lines are hybrid (they are used personally and for business), they may not be deducted.

Store all records systematically, either sequentially or alphabetically.

Pay business expenses with a check or credit card (not cash) so that records of the transaction are generated.

Finally, it is wise to become a corporation or limited liability company. This can protect your personal belongings in the case that you are sued. Plus you may appear more credible to your clients and vendors because you are not an individual.

However becoming a corporation also adds additional paperwork and cost. If you choose to remain an individual, you may become a DBA (doing business as). This would give you a more professional appearance, without the added time and money.

Whether individual or DBA, you can use your social security number for legal transactions - and will not need a business ID.

Note that each state's tax laws vary, and tax laws change regularly. The above may not hold true in all circumstances. Contact your local tax office for exact rulings.

Good luck!

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