Share this post with your friends:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on facebook
Share on twitter
Share on linkedin
Share on email

Pension and Welfare: Why you need to take notice?

One of the considerations of the future of the photo industry is Pension & Welfare for crew members.

Historically, this hasn’t been on the radar within the photo industry. States are now requiring and enforcing Pension & Welfare for photo productions. This tax liability used to just be reserved for productions like TV, Commercials, and feature films.

Pension & Welfare is a private sector employee benefit plan. PWBA directly affects the livelihood of over 150 million people who participate in ERISA-covered plans, and protects the U.S. economy’s single largest source of capital for investment–pension funds.

If you are a photographer who often hires assistants of any kind, this includes makeup artists, hair stylists, and anyone you pay to be on set with you, you will eventually have to set aside funds to pay them Pension & Welfare. Some states like New York are already starting to enforce this policy within the photography community.

Often you can hire an outside billing agency to handle payments to your assistants. Programs like BlinkBid are already including this option within their editing and invoicing software. Please speak with your tax professional about this new additional business aspect so your business is best protected and secured.

Share this post with your friends:
Share on facebook
Share on twitter
Share on linkedin
Share on email

You might also like:

Thanks to our partners who make Photofocus possible:

Drobo – Drobo is the smartest storage solution in the world. Drobo is storage that protects data — photos, videos and everything else — from hard drive failure. Drobo is peace of mind for the working pro or serious amateur who have a lot of external drives cluttering up the desktop. Save 10% with the coupon code PHOTOFOCUS.

Lume Cube – Proudly known as the World’s Most Versatile Light™, Lume Cube represents the future of LED Lighting. Check out the new Lume Cube STROBE, offering anti-collison lighting for drones!

Backblaze – Get peace of mind knowing your files are backed up securely in the cloud. Back up your Mac or PC just $6/month.

B&H – B&H is a world renowned supplier of all the gear photographers, videographers, and cinematographers need and want to create their very best work.

Skylum – Your photos, more beautiful in minutes. Makers of Luminar, Aurora and Photolemur, Skylum adapts to your style and skill level. Check out the new Luminar 3, now available.

Perfectly Clear Complete – Built for precision. Made for beauty. Perfectly Clear has mastered the science of intelligent image correction – creating superior quality photos in record time, so you can get back to doing what you really love…in no time. Special Photofocus deal here.

Viewbug – Learn and improve your photography with over 500 videos. Trusted by millions around the world, join over 2 million photographers who already use Viewbug.