We'll keep in touch consistently with your bookkeeping insights, customized for film editors. Got urgent queries that can't sit on the shelf? Expect our reply within one business day or less.
Our platform enables you to automate data inputs from leading providers to circumvent typical errors. We collaborate with industry-specific partners like Gusto, Stripe, Shopify, and Square— ensuring your financials in the film editing industry are always precise.
Wave farewell to mountains of editing notes and hours spent manually tracking expenses—we automate inputs directly from your linked accounts. With Bench Accounting, you'll gain insights from a single, centralized dashboard enabling you to easily comprehend the financial health of your editing projects and make strategic decisions.
DR. BUKKY KOLAWOLE
The specific tax deductions you may be eligible to claim as a film editor could include:
- Costs related to buying or replacing necessary equipment, like computers, software, or editing tools.
- Studio or home office expenses including rent, utilities, and insurance.
- Professional development costs related to workshops, courses, or seminars.
- Subscriptions to professional film editing magazines or journals.
- Travel expenses for work, such as fuel, parking, flights, and accommodation.
It's crucial to note that tax laws change often, and also may vary based on your location. Therefore, it is always a good idea to consult with a bookkeeper or tax professional to ensure you are making the most out of your eligible deductions.
Managing finances with an irregular income can be challenging, but it's completely doable with some planning and discipline. Here are some tips:
- Create a budget: Base your budget on a conservative estimate of your income. Use your lowest-earning month in the previous year as a guideline.
- Build an emergency fund: Having a safety net can be a lifesaver during lean months. Aim to put away at least three to six months' worth of living expenses.
- Monitor your spending: Keep track of all your expenses, however small, and analyze your spending habits. This will help you identify areas where you can cut back and save more.
- Work with professionals: Consider working with a professional bookkeeper or accountant who understands the specifics of the film industry. They can provide valuable advice on tax deductions and financial planning.
At Bench Accounting, we provide expert bookkeeping services catering to film editors and other professionals with irregular incomes. We can help you navigate your unique financial challenges and ensure you always have a clear picture of your financial situation.
As a freelance film editor, accounting for equipment expenses in your bookkeeping is essential. Generally, equipment is considered a capital expense and can be depreciated over its useful life according to IRS guidelines. You can usually deduct the entire cost of business equipment in the year you purchase it, or depreciate it over time. Remember, it's important to keep track of these expenses and consult with a professional bookkeeper to ensure you're correctly accounting for equipment costs. They can assist you in setting up a proper system and ensuring you take full advantage of equipment deductions.
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.