Not sure how I missed this one, but last month the US Senate introduced a bill that nearly doubles the standard income tax deduction threshold for performing artists. The bill also:
- Allows the $30,000 limit (which is currently $16,000) to be applied on a per-individual rather than per-return basis, which is a boon to households with multiple professional performers;
- Indexes the limit to inflation.
Senator Charles Schumer, who sponsored the legislation, observed:
This tax code is so outdated, it’s more appropriate for court jesters from the Middle Ages than for today’s performing artists.
Indeed.
Tags: Charles Schumer, legislation, performing arts
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I am thrilled to announce that Fractured Atlas has signed on as an official partner for the National Performing Arts Conference. The conference happens every four years and will be held this June in Denver, CO.
I am moderating two panel discussions focused on fiscal sponsorship/incubator programs and our Director of Member Services, Adam Natale, is serving as a panelist for a session titled “The Art of Living or Living for Art: A Survival Guide for Artists”.
To all our members who work in the performing arts, I encourage you to consider attending!
Expect more posts on this subject as things with the conference move ahead.
Tags: conference, fiscal sponsorship, performing arts
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