This reduces your taxable income each year, and it can also cover your spouse.īeing a performing artist means that your craft relies on you being fit, healthy and able-bodied - any accident could spell the end of your career. It works just like your traditional 401(k) plan where you can contribute a maximum amount each year tax-free. You can also consider a solo 401(k) plan. The limit on contributions for both accounts is the same at $6,000. A traditional IRA taxes you when money is withdrawn, while a Roth IRA taxes you when you deposit. Both traditional and Roth IRAs give you tax breaks, with the only difference being how and when you get the tax break. After all, the ailments that come with old age, such as poor eyesight or dexterity, can inhibit your ability to fully continue your craft.Īs a self-employed individual, the most popular options you have are a traditional individual retirement account (IRA) or a Roth IRA. Even if you stop performing live, there are still opportunities behind-the-scenes that can keep your career going well past the average retirement age of 67.ĭespite this, planning and saving for retirement should still be one of your goals. Those in the performing arts industry know that there is no official retirement age.
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