Welcome to Eric M Hunt, CPA
The enactment of the Working Families Tax Cut Act has fundamentally altered the landscape of itemized deductions by elevating the federal State and Local Tax (SALT) deduction cap from $10,000 to $40,000 for the 2025 through 2029 tax periods. However, the application of this expanded cap is not absolute and contains inherent traps for unwary […]
In this blog, you will understand how California state taxes work compared to federal taxes. It is important for individuals, freelancers, and business owners who want to manage their finances effectively and save money. We know that both of these tax systems are built to collect revenue, but they are very different from each other […]
A prominent professional actress recently incurred approximately [$20,000.00] for haute couture, evening gowns, and related formal apparel. These garments were purchased exclusively for mandated promotional appearances, press junkets, and red-carpet events during the 2026 awards season, including the SAG Awards, BAFTA, Golden Globes, and the Oscars. Her appearances directly supported the marketing and promotional obligations […]
Success in the entertainment industry can lead to sudden, significant income. Actors, musicians, producers, directors, and other creative professionals often experience years where earnings increase quickly due to major projects, licensing deals, or royalties. While this financial success is exciting, it also brings important responsibilities, including estate planning. Estate planning is not only for retirement […]
This guide explains the tax consequences associated with Intellectual Property (IP). It establishes the foundational concepts outlined in the 2013 AICPA framework and provides an authoritative update on current 2024/2025 tax laws, specifically addressing the implications of the Tax Cuts and Jobs Act (TCJA) and corporate IP worthlessness scenarios under IRC § 165 and § […]
We all think life on tour is exciting, but from the inside, it is very hectic. Musicians perform in different cities and travel constantly. Their talented crew, who manage everything for them, run all tasks smoothly. In a tour, your income and expenses can be unpredictable. You should plan your financial journey during your touring […]
Creative careers often start informally: actors begin earning money from small projects, musicians from streaming income, and directors from independent film work. At first, this income feels occasional, but over time it grows. When you start making good money, these questions come to mind: Should I form an LLC or elect S Corporation status to […]
Film production moves fast. Money flows in from investors, tax credits, pre-sales, and distributors, then flows right back out to cast, crew, equipment, locations, and post-production. In the middle of that controlled chaos sits one critical responsibility: financial management. Many producers wait until filming wraps to bring in an accountant. That delay often creates reporting […]
It is essential to know when to start planning for Social Security benefits. It helps to make better decisions. The age at which you claim can affect your monthly income for the rest of your life. Due to numerous updates taking effect in 2026, many people and families are uncertain about the best strategy. This […]
Most of us get tax advice from friends, social media, and industry forms, so do the actors, musicians, directors, dancers, and other creative professionals. Most of that advice is useless, incomplete, outdated, or wrong. Nowadays, tax myths spread quickly online and on social media, leading to poor guidance and penalties. If you have clear information […]
