You are now an adult. You can't live without money.My parents are going to glow with pride when I say this. You were right for making me pick a minor. I'm even more thankful that it was a minor in business.
If you're an actor starting out you cannot for a moment think that you are exempt from financial stress. No one is. So why are actors older than me unaware of basic financial principals? If you got them you can save yourself time and not read this and pat yourself on the back for being a well informed human being.
Having four years of classes does not make me an expert in any way but I definitely found these tips have helped me in entering adulthood as an actor.
1. Understand taxes. This is a long one. They aren't as scary as you think. As an actor you can deduct SO MUCH of your expenses that are a pain to buy initially if you use them in a show. This includes those fancy Leducas, headshot sessions, driving to the theatre, leotards, AEA and SAG fees, and more. What is this magic you might ask? Well since you are a considered a contractor, the theatre does not take taxes out of your paycheck. This could mean that you owe a huge chunk of that check in taxes but this also means you can deduct to lower the amount you owe or get some money back. Keep every receipt regarding the show! If the theatre asks you to wear a certain shoe KEEP THE RECEIPT! There are several apps you can log your mileage and that will calculate how much you can get back in taxes based on the miles you drove. I use MileIQ and the fee to have it is just $6 a month and will even print out maps of where you drove that you can give the IRS to prove you deserve the deduction backed up by gas receipts. I already am owed $200 for the month from driving for the show I am in. Hallelujah.