A long time ago, in a blog far, far way...
Actually it was only five years ago and it was in this blog. I'm always up for a Star Wars reference.
Anyway, about five years ago I shared 10 voiceover tips for voice actors. I figured it's time to share some more!
"Good ideas come from good listeners." - Tom
Here are the 10 from the aforementioned blog entry
Hire a freelance-savvy CPA to help you file your taxes.
Schedule Quarterly Estimated Tax payments so you don’t get hammered when you file your taxes. You can download the form here.
Self-garnish your checks by putting 20%-30% in a savings account for said Estimated Payments.
As Robert Kiyosaki once said: pay yourself first! Put away money for yourself every month, even if it’s $10.
Never skip any bill payment, even for just a month. Most billing companies for things like medical bills are happy to set up a payment plan you can handle.
Make your credit score your friend. Know what your scores are and nurture them. I use Credit Karma to keep an eye on mine.
Interest is the enemy! Pay your credit cards bills once a week. Paying in full regularly helps your credit score.
Keep an eye out for “derogatory remarks” on your credit score and address them immediately.
Never cancel a credit card. It actually lowers your credit rating.
Open a Health Savings Account. Use pre-tax (W9) income to make deposits. The money you deposit does not get taxed and it’s a write-off. Opening an HSA last year made me go from owing money to getting a refund!
I still stand by those tips as they seem to have stood the test of time. Only five years have passed, but quite a bit has happened in our world since then. Here are five more!
Tip Of the Week
Look into starting a SEP-IRA. A SEP-IRA (Simplified Employee Pension) functions like a regular IRA but you can contribute up to 20% of your annual net profit (minus Self Employment tax) or $61,000 in 2021, whichever is lower. It’s great for voice actors when you have a good year and want to sock away that extra money. FYI a SEP-IRA is not an interest-bearing account. It’s a performance account which means it’s subject to the whims of the market.
Consider incorporating only after you consult a professional. Many voice actors think they should incorporate because people who know nothing about the voiceover industry tell them to a because it will make them FEEL professional. Make sound business decisions based on facts, not feeling.