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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. |
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See
more upcoming events
at The Rock Agency.
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| Previous Newsletters: |
October, 2010
August, 2010
July 19, 2010
July, 2010
June, 2010
May, 2010
April 27, 2010
April 6, 2010
February, 2010January, 2010 |
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