There is also another tax benefit for filmmakers whereby you only have to pay 3% taxes on products you use for post. A fellow filmmaker pointed this out to me but I haven't had a chance to read up on this, as I've been obsessed about finishing up my tax returns (that, and playing Texas Hold'em on Facebook). Stay tuned--I will post additional info soon on this. So I guess I lied when I said this will be the last post on taxes.
Thursday, March 27, 2008
My Last Blog on Taxes
Well, at least for this tax season. I just e-filed my tax returns. What a big relief. This was the first year that I had retained a CPA to help me with my taxes, in large part because we had formed the production company last year and we needed to file a tax return for the LLC. The downside to using an LLC entity as our production vehicle is that the California Franchise Tax Board imposes an annual $800 fee on LLCs. This doesn't sound like much, but for indie filmmakers every penny hurts. The upside to using an LLC is the flexibility that it provides with respect to the allocation of profits and losses, and it's also considered a "pass-through" entity which means that the losses that the LLC incurred in production can be passed through to the investors. Filmmakers should consider retaining a good CPA to guide them through the process of deducting production expenses on their tax returns.
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About The Three Shorts
Christine Le wrote and directed the 1st story Love 10 to 1.
The first story explores the life of a 29-year-old virgin, Jenny, who desperately wants to lose her virginity before her 30th birthday. As she encounters one loser after another on dates, Jenny pines after her boss, Dustin. While at her grandmother’s retirement home, Jenny learns a powerful lesson from her grandmother about sex and the meaning of life.
Christine Le (right) directs Shireen Nomura Mui (Jenny) & Justin Klosky (Jim).
Lucy Rodriguez wrote and directed Love Song.
The second story revolves around Shane, the lead singer of the L.A. rock band, Dirty Virgin. Shane has her pick of admirers but it’s her roommate Dustin she wants to be with. Shane confesses her feelings on Jackie and Jared’s show but when Dustin meets Cali, Shane’s shot at love starts to dwindle. With Dirty Virgin about to embark on a world tour, will Dustin realize that he’s the object of Shane’s affections? Will they risk their friendship to give this Love Song a chance?
Lucy Rodriguez & David Villar (Dustin)
Laura Somers wrote and directed Diving Lessons.
The final story picks up where Love 10 to 1 left off, but from the perspective of Jim, the guitarist of Dirty Virgin. Jim sees Jenny at a swimming pool, trying desperately to overcome her fear of diving. In fact, he finds out that she’s making a list of everything that she’s afraid of and trying to overcome them, one by one. He is instantly smitten and tries to convince her that he’s not just a rock star who ‘loves ‘em and leaves ‘em’. Can a rock star find love with a virgin?
Shireen Nomura-Mui, Laura Somers & Justin Klosky
Leah Anova is the Director of Photography for Love 10 to 1 & Diving Lessons.
Additional Cinematography on Diving Lessons by Erik Forsell
Matthew Boyd is the Director of Photography for Love Song.
The first story explores the life of a 29-year-old virgin, Jenny, who desperately wants to lose her virginity before her 30th birthday. As she encounters one loser after another on dates, Jenny pines after her boss, Dustin. While at her grandmother’s retirement home, Jenny learns a powerful lesson from her grandmother about sex and the meaning of life.
Christine Le (right) directs Shireen Nomura Mui (Jenny) & Justin Klosky (Jim).
Lucy Rodriguez wrote and directed Love Song.
The second story revolves around Shane, the lead singer of the L.A. rock band, Dirty Virgin. Shane has her pick of admirers but it’s her roommate Dustin she wants to be with. Shane confesses her feelings on Jackie and Jared’s show but when Dustin meets Cali, Shane’s shot at love starts to dwindle. With Dirty Virgin about to embark on a world tour, will Dustin realize that he’s the object of Shane’s affections? Will they risk their friendship to give this Love Song a chance?
Lucy Rodriguez & David Villar (Dustin)
Laura Somers wrote and directed Diving Lessons.
The final story picks up where Love 10 to 1 left off, but from the perspective of Jim, the guitarist of Dirty Virgin. Jim sees Jenny at a swimming pool, trying desperately to overcome her fear of diving. In fact, he finds out that she’s making a list of everything that she’s afraid of and trying to overcome them, one by one. He is instantly smitten and tries to convince her that he’s not just a rock star who ‘loves ‘em and leaves ‘em’. Can a rock star find love with a virgin?
Shireen Nomura-Mui, Laura Somers & Justin Klosky
Leah Anova is the Director of Photography for Love 10 to 1 & Diving Lessons.
Additional Cinematography on Diving Lessons by Erik Forsell
Matthew Boyd is the Director of Photography for Love Song.
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