Tax relief for artists: increased expense deductions and higher income thresholds.
This bill aims to make it easier for performing artists to deduct work-related expenses from their taxes. It increases the income threshold for expense deductions and raises the threshold for being considered an employee, potentially impacting their tax returns and increasing their disposable income.
Key points
Performing artists can deduct more work-related expenses, potentially lowering their tax bill.
Higher income thresholds are introduced, above which deductions will gradually decrease, with inflation adjustments.
The minimum earnings threshold for an artist to be considered an employee is raised, making it easier to qualify for deductions.
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