RAISING A CHILD STAR: THE AFTERMATH
How To Manage Your Child Actor's Career And The Money They Make
Your child did it! After all the auditioning, your child books a role on an upcoming television show! Congratulations! They are earning more than you did working your 9-5 for the entire year, just by shooting a few episodes! It’s a blessing indeed, but after paying taxes and their reps, they are only left with HALF of what they were paid. Hoping there is a better option, you seek advice from a CPA who advises you to “Incorporate “your child, which means instead of your child being paid directly, their business is paid, and then the business pays them as an employee. This will make them eligible for certain tax breaks. That sounds great, but now you are left confused because you don’t understand how to run a business. You hire a bookkeeper, a CPA, maybe even a financial advisor, but no one truly understands how to manage your child’s new new-found wealth. You have several questions and are in shock when you receive a tax bill that says your child owes thousands of dollars to the IRS!
These are just some of the challenges our family and many others have faced after our children became working actors.
As the sequel to my first book, “Raising A Child Star”, this book, “Raising A Child Star: The Aftermath” will share all that I have learned since my son booked his series regular role on the CBS sitcom, Bob Hearts Abishola. I have spent countless hours researching, consulting with certified public accountants and financial advisors and utilizing my experience as a tax preparer to break down this this part of the journey. I never found a book that broke down some of the best strategies for children who get paid for acting or any other lucrative businesses they own - so I created it.
I know this can all feel confusing BUT DON’T PUT THIS BOOK DOWN, I’M GOING TO HELP ALL THESE DOLLAR$ MAKE SENSE FOR YOU AND YOUR CHILD… and less cents for Uncle Sam!
This book will answer questions like “When should I incorporate my child actor?” and “How do I deduct expenses related to my child actor’s career?” “How do I set my child up for financial success” and so much more. Let’s break down the Math After your child books THE role!