Tax Deductions for Media Professionals
Those who work in a professional media outlet, including news reporters, television pundits, etc. don't have issues with being the center of attention. At tax time, the one spotlight you don't want on you is the IRS. To ensure the IRS doesn't pay extra attention to you, you'll need to ensure you file an accurate tax return.
You can expect your employer to furnish a Form W-2, Wage and Tax Statement, which lists the amount of your earnings and any withholdings taken. If you do not work for an employer, or you freelance, you're considered self-employed. In this case, you won't receive a W-2, but your clients may provide a Form 1099-MISC, Miscellaneous Income. Any self-employment net earnings over $400 are subject to self-employment tax. You'll report your income on a Schedule C and you may have to make estimate tax payments throughout the year.
If you incur expenses throughout the tax year in relation to your job, and they are not reimbursed, you may be able to claim deductions for the expenses. You should keep receipts to validate all of your expenses.
