WIFTA Starts Off the New Year With Everyone’s Favorite Discussion Topic – Taxes

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OK, OK.  Maybe I did go overboard with the title.  I’m sure that taxes are not your favorite topic and just the thought of doing taxes causes you a bit of uneasiness.  I admit that it certainly scares me a bit.  Luckily, we have local professionals in Atlanta who are trained in the art of easing our fears and have the skill to perform a job that gives most of us the heebie-jeebies.

Representatives from Whaley, Hammonds, Tomasello, P.C. – Greg Hammonds, Kristy Clabaugh, and John Thomas – recently hosted an information session with Women in Film and Television Atlanta (WIFTA) on the topic of taxes.  Scary, right? Well, believe it or not, they made taxes seem like one of the most intriguing topics imaginable.  This is because they paired it with a much more exciting topic – our Georgia film incentive program.  

A small crowd gathered for refreshments and free tax information at the Georgia Public Broadcasting building in downtown Atlanta on Tuesday, January 24 at 7:00. Despite Atlanta’s usual traffic, many showed up, eager to learn about Georgia incentives and how their creative work in production can save some money this tax year.  The room was jam-packed with people taking notes and asking questions relevant to their tax situation.  

 Audit manager, John Thomas, took center stage most of the night sharing his expertise.  One of the most significant pointsIMG_3443 that he made was that not every film made in Georgia is going to be big budget like “Fast and the Furious;” however, there are still those who can benefit from the Georgia film incentive.  He also mentioned that Georgia’s film incentive is one of the best film incentives in the nation right now because it has no caps.  This is a great opportunity for many film professionals because the film incentive is very relaxed about what can be included as a deduction for both above the line and below the line production expenses.  

Kristy added to the discussion by informing the audience about the types of deductions that can be included and also provided audience members with a handout of these deductions.  [If you weren’t able to get a copy of the production deductions, click here to contact Kristy for a copy].

The night continued with a question and answer session in which the audience was able to ask a variety of questions related to acquiring a movie certification letter, hiring 1099s for productions and ways to reach the $500,000 limit to qualify for the incentive.  

The meeting ended with breakout sessions in which audience members who wanted more focused assistance could meet with one of the CPAs to attain a little more advice and possibly arrange to work with their accounting firm.  

If you missed out on this year’s tax meeting and still want to get assistance, it’s not too late.  Whaley Hammonds Tomasello, P.C CPA firm will be glad to assist you with your Georgia tax needs.  Click the logo below to obtain more information on how to get tax help for your production, large or small.

 

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