The Rock Agency
Model & Talent Casting
6312 Monona Dr.
Madison, WI 53716


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News - January 17, 2011


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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!

In order to maintain your independent contractor status, 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 any compensation from clients that you met through The Rock Agency, you will receive a 1099 stating the exact amount. If your company also made money through other sources you are responsible for collecting those figures on your own and claiming them on your business tax form as well. Remember also that you must report income in both profitable and non-profitable years. 

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 possible examples include: the monthly or yearly fee that you pay to Modelwire, the cost of photo shoots, industry related training/workshops, postage, dedicated office space in your home or elsewhere, internet access, phone usage, specialty clothing required for bookings, specialty cosmetics required for bookings, composite cards, theatrical head shots, portfolios, the cost of printing vouchers for each booking, 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.

 

 See more upcoming events at The Rock Agency.

The Rock Agency is a model and talent casting company.
To find out more visit: www.therockagency.com

E-mail: info@therockagency.com

 
Previous Newsletters:
October, 2010
August, 2010
July 19, 2010
July, 2010
June, 2010

May, 2010

April 27, 2010
April 6, 2010
February, 2010January, 2010
 

   

 

 The Rock Agency Model and Talent Casting 6312 Monona Dr. Madison, WI 53716

608-238-6372