Bookkeeping and Accounting for Screenwriters

As a screenwriter, the expenses that are specific to your profession and can be claimed for tax deductions typically fall under the umbrella of 'ordinary and necessary' expenses. These can include but aren't limited to:

• Screenwriting software or subscriptions (like Final Draft or Scrivener)
• Office supplies and equipment necessary for your work, such as computers or printers
• Research materials and resources related to your scripts
• Professional dues for writers' guilds or associations
• Business travel expenses
• Continuing education or courses to continue to hone your craft
• Marketing and promotion expenses, such as website maintenance, advertising, or entering screenwriting competitions

This list is not exhaustive and the specific expenses that may be deductible can change. It's best to consult with a tax advisor to confirm what expenses can be deducted for your specific situation.

The type of accounting necessary for screenwriters dealing with income from multiple sources such as royalties, script sales, and speaking fees is typically known as creative accounting or entertainment accounting. This specialized form of accounting caters specifically to the nuances of the entertainment industry and helps screenwriters manage their unique income streams, deduct industry-specific expenses, and comply with various tax laws. It's highly recommended for screenwriters to consider hiring a professional bookkeeper or accounting service that has experience in this field to ensure the most accurate financial management and reporting.

Yes, there is a specific method for structuring your accounts to handle international payments for scriptwriting services. First, you should establish a separate bank account for international transactions to simplify the management and tracking of these payments. Additionally, you should set up corresponding columns or categories in your bookkeeping system for international payments and expenses. Sanction the use of an International Payment Provider like PayPal, Stripe, or Wise to handle exchange rates and provide an additional layer of security.

Please note that international business can have complicated tax implications, so it's always recommended to consult a tax professional who can guide you towards the best practices for your business. You may also consider using an accounting service like Bench, which specializes in providing expert bookkeeping services tailored to individual business needs and complexities.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.