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Visit
http://www.irs.gov
for tax forms and information.
For more information regarding Limited Liability Companies
download this brochure.
If you do not currently work with a CPA that is experienced in
the entertainment industry, we suggest you call Mike McHugh at
The Bremser Group.
608-850-6545 |
It's time to think about Taxes!
It is mandatory that you deal with your modeling activities as a
business. The income from that business must be claimed. If you
are a sole Proprietor you must file your taxes for your modeling
business on a "schedule C (Form 1040)" and attach the "schedule
C" to your regular tax filing form (form 1040 or any other form
used to report your employment income.) If you are an LLC.,
consult your CPA for the correct form. If your company (your
modeling business) received more than $600 in compensation from
clients that you met through The Rock Agency, you should have
already received a 1099 stating the exact amount. If your
company made less than $600
you are responsible for collecting those figures on your own and
claiming them on your business tax form without the help of a
1099. This is were the pink copies of those vouchers come in
handy...keep them in a file folder throughout the year and you
can add them up easily. Or, The Rock Agency also has a check
stub attached to each of your checks...keep those as a second
method of keeping track of your business revenue.
Since you have established this business with the federal
government (by securing a federal ID number) you must be certain
to file your taxes for this business every year; whether it is a
profitable year or not. Use your federal ID number in the upper
right hand corner of that "schedule C" or the appropriate spot
on any other tax form. Be certain to claim ALL expenses related
to running this business on that tax form. Expenses that can be
deducted against your business revenue include anything that
improves the profitability of your business. A few examples
include: photo shoots, postage, dedicated office space in your
home or elsewhere, composite cards, theatrical head shots,
portfolios, prints, mileage...(Please note: this is only the
case when the client does not reimburse you for mileage/travel,
SO...requesting mileage reimbursement from a client is not the
best idea...ask for a higher rate instead.)
PLEASE CONTACT A CERTIFIED PUBLIC ACCOUNTANT FOR VERIFICATION ON
ALL TAX ADVICE. |
