| Qualified Performing Artists (QPA) | | | | tax-deductible and interest and dividends earned in that |
| This hidden tax deduction is specially designed for | | | | plan are tax-free. If you take money out of the plan |
| Performing Artists and allows them to claim some of | | | | for qualified medical expenses (see IRS Publication 502 |
| their living expenses to offset their income. If you are a | | | | for details) you will pay not tax. To qualify for the |
| performing artist with no more than $16,000 in adjusted | | | | Health savings accounts (HSA) Tax deduction you |
| gross income; at least two W-2s, each paying at least | | | | must be enrolled in a high-deductible health insurance |
| $200, from entertainment-related companies; and | | | | plan approved by the Internal Revenue Service and |
| performing-related deductions equal to at least 10 | | | | you cannot be covered by HMO or PPO. For 2010 the |
| percent of your adjusted gross income you can | | | | maximum deduction is $3,050 for single taxpayer, |
| deduct your acting-related expenses as an adjusted | | | | $6,150 for family and $1,000 for catch-up contributions. |
| to your income in additional to the standard deduction. | | | | You report this expense on IRS form 1040 line 25 and |
| So, if you meet the above criteria you can The | | | | IRS Form 8889. |
| Qualified Performing Artists (QPA) tax | | | | Conclusion |
| Health savings accounts (HSA) | | | | While these two deductions are rarely used they can |
| Health savings accounts (HSA) is a pre-tax saving | | | | be beneficial for anyone who meets their |
| plans specially designed for medical and dental | | | | requirements. |
| expenses. Your contributions to a qualified HSA are | | | | |