Modeling Expenses and Tax Related Matters

 

TY14 5 Hidden Ways to Boost Your Tax Refund

As an independent contractor, signed to an agency, you are responsible for your own taxes. Chances are you will provide you with a 1099 form at year-end and in some cases a w-9, which will indicate your total earnings for the calendar year. The form (s),  along with any check stubs and all other out of pocket expenses you have incurred during the year, will provide you with all the necessary information to file your taxes. Generally in order to deduct expenses in your trace or business, you must show that the expenses are “ordinary and necessary”. Below are some of the business expenses applicable to fashion models. This is only an abbreviated summary and we encourage you to speak with an accountant for further details. Take notes! 🙂

CONTINUING EDUCATION

Coaching Expenses/Acting Lessons

Dance Training

Music-Arrangements

Tapes, Recordings

Training

Rents-Rehearsal Halls

Tickets

Voice Training

Other

TRAVEL-LOCAL

Auto Expenses

Repairs

Insurance

Total Mileage

PROMOTIONAL EXPENSES

Audition Tapes/Videos

Business Cards

Film & processing

 

Other Modeling Expenses and Tax Related Matters

 

Mailing Supplies

Envelopes

Postage stamps, etc.

Photos/Composite Cards

Portfolio Expenses

Resume

Other:

TRAVEL- OUT OF TOWN

Air fare

Car Rental

Subways & Buses

SUPPLIES & EXPENSES

Accounting Fees

Alterations-Repairs (costumes/wardrobe)

Cleaning (costumes/wardrobe)

Dues-Union & Professional

Exercise

Gifts-Business (525.00 max/person/year)

Hair Care–Wigs & Supplies (special business)

 

Manicures (special for hand inserts, etc.)

Meals-Business (enter 100% of cost)

Office Supplies

Photocopy- Scripts, etc.

Postage

Props/Stunt Supplies

Publications-Trade

Rents-Office. Storage, etc.

Repairs-Equipment

Secretarial

Tools

Commission-Agent/Manager

Other:

TELEPHONE EXPENSES

Cellular Calls

Internet Fees

Foreign~Services

 

EQUIPMENT PURCHASES

Answering Machine

Amplifiers

Audio Systems

Musical Instruments

Pacer

CD player

Speaker Systems

Computer Equipment

Cellular Telephone

Fax Machine

Other:

TY14 Can I Claim Medical Expenses on My Taxes

To be a successful talent you must:

“Test and photograph, photograph and test. Improve your book. Get the booking. Repeat.

*Inform the Agency immediately if you are unavailable or away.

*Be well-groomed, but natural.

*Keep make-up and hair updated.

*Inform the agency of any changes in size, weight, hair, etc.

*Take care of yourself! It may sound silly, but its true! The right Diet, exercise, caring for your skin, hair, and nails are all part of keeping yourself competitive in this business, if you don’t do it-someone else will! Remember to get lots of sleep when you can!

Some Agency’s Policy and Procedures:

Registration with the Agency gives the Agency the exclusive right to obtain modeling and talent employment for Talent during the term of the agreement.

Talent agrees:

#1 to keep the Agency informed, in writing of their current address and telephone number.

#2 to provide promotional tools including, but not limited to, composite cards, headshots and resumes, portfolios, and when applicable-voice tapes/videos.

 

#3 to arrive ahead of time for all bookings, interviews, and go-sees accepted and confirmed by the Talent.

#4 not to accept a booking if there is the slightest chance that the Talent may cancel.

 

#5 not to charge more (or less) than the quoted rate, and not to negotiate rates with the client.

 

#6 that the Agency has the sole authority to set the Talent’s rates. Let the Agency handle

any disputes regarding fees, complete clauses, etc ..

 

#7 not to accept direct payment from bookings, but to refer to agency.

 

#8 not to accept direct booking from any client, or other agent but to refer all such offers agency. Talent understands that accepting outside employment is a contractual infringement.

 

#9 not to provide free talent services for anyone without Agency approval.

 

#10 not to allow name or photograph of talent to be used in any talent directory, other than those produced by Agency, without the permission of the Agency.

 

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Allow the agency guide your career. Remember this is a business. If you don’t take it seriously, others won’t take you seriously. Allow the agency to choose your composite card photos and portfolio entries. Photographs should be no more than one year old.

Let the Agency help you to define your particular style, choose your likeliest clients, and push for more go-sees. When you get your foot in the door, its up to you. Show the client that you’re the person for the booking. Be prepared. Find out all you can about the client and product.

This information is free, but the hustle is sold separately.

“The more you know, the more you’ll grow.”