Explore Modeling - Tax Tips for Models

Tax Tips for Models

Summary:

Cristina gives some tax tips for working models.

Following is a full listing of deductions for models and actors.

TAX DEDUCTIONS FOR FASHION MODELS AND ENTERTAINERS

Continuing Education

Coaching Expenses / Acting Lessons
Dance Training
Music - Arrangements
Music - Tapes, Recordings
Music - Training
Rents - Rehearsal Halls
Tickets
Voice Training
Other

Promotional Expenses

Audition Tapes & Videos
Business Cards
Mailing Supplies - Envelopes, etc.
Photos/Composite Cards
Portfolio Expenses
Resumé
Other

Travel - Local

Auto Expenses
Gas
Repairs
Insurance
Lease
Total Miles
Total Business Miles
Taxis
Limos
Parking Fees
Subways & Buses
Other

Travel - Out of Town

Airfare
Car Rental
Lodging (do not combine with meals)
Meals (do not combine with lodging)
Other:

Supplies & Expenses

Accounting Fees
Alterations-Repairs (costumes/wardrobe)
Cleaning (costumes/wardrobe)
Costumes - Wardrobe (special)
Dues - Union & Professional
Exercise
Gifts - Business ($25.00 max/person/year)
Hair Care - Wigs & Supplies (special business)
Insurance - Equipment
Interest - Business Loans
Legal Fees
Makeup-Cosmetics (special business)
Manicures (special for hand inserts, etc.)
Meals-Business (enter 100% of cost)
Office Supplies
Photocopy-Scripts, etc.
Postage
Props, Stunt Supplies
Publications - Trace
Rents - Office, Storage, Etc.
Repairs - Equipment
Secretarial
Tools
Commissions - Agent/Manager
Other

Telephone Expenses

Cellular Calls
Internet Fees
Other

Equipment Purchases

Cellular Telephone
Amplifiers
Audio Systems
Musical Instruments
Pager
I-Pod
Speaker Systems
Computer Equipment
Fax Machine
Other

Video Transcription

When you are a model, you are self-employed. So like I mentioned you are running your own business and when you run your own business, you have things that you pay for, your travel, your composite cards, your portfolios, all of these things are tax deductible. Even down to the clothes that you use on the shoot. If you have to get your nails manicured for a photo shoot that is also a tax deduction. So in the beginning you are not going to be making a lot of money, obviously. But you still want to note those deductions down because you can run at a loss. If you have a job somewhere else like your local fast food restaurant, they are taking taxes out. So if you show that you have a loss in your modeling job, they will give you some of the taxes back that they took for your restaurant job. So even at this point, you want to be doing that. But then if you keep modeling and that’s all you do, you still want to show all your expenses. If you bought a great sweater and/ or a pair of jeans for a shoot and then you went on to use in school in it that is not a deduction. It has to be an item like that you do not use outside of work. For example, I bought this really cute hat to style a photo shoot- I know I will never wear this hat on my own; I am not that type of person to walk around in a showy hat. But I still bought it and I know it’s going to sit in my closet so that I can deduct. But if you are going to buy just your everyday clothes and it’s going to be something that it’s going to be incorporated into your regular wardrobe, then unfortunately that’s not a deduction. But pretty much, everything you do even down to the mileage on your car is deductable. If you drive somewhere for modeling, if you take any kind of seminar or any classes, all that’s a deduction, you can deduct the mileage. Getting there, if you grab a meal on the way home, that’s a deduction. I usually save all my receipts and then I go through them like at the end of the week and I would write on them what I bought and what it was for and then put that away and then just keep that all in an envelope. These are important things to know if you want to model.

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