In the world of modeling, one thing that can’t be avoided is taxes. For any model in their career its all about the deductions. The reason for this is that most work, whether it is having a spot in a video or doing a photo shoot, most people in the industry are freelancers. With all that income, chances are you will be doing a Schedule C.
Schedule C is a form in which you record your income and expenses. The income minus the expenses is your income, which is to be transferred to the form 1040. Below I will summarize some of the most common deductions for models and all entertainers for that matter.
Continuing Education-This includes coaching expenses and acting lessons. Not only that, it can also include dance training and voice training as well. For models, it might include any type of education which will further you career as a model.
Promotional Expenses-Audition tapes and videos, business cards, film, mailing supplies, photos, portfolio expenses and filling out your resume.
Supplies and Expenses-This can include accounting fees, cleaning and repairs of clothes in your wardrobe, dues to any professional groups, membership to sites used to promote you, hair care, insurance on equipment, legal fees, makeup and cosmetics (for business use only!) and manicures (again, for business use!)
Other supplies and expenses can include business meals, office supplies, photocopies, postage, and commissions paid to an agent or manager.
Travel-Write off your auto expenses but only for business related travel, as well as taxis, limos, parking fees, subways and buses (only for business use, again!) Expenses for travel out of town can include such items as airfare, car rental, lodging and meals.
Equipment-As long as it is related to modeling, you can write off audio equipment, cell phone, computer equipment and a fax machine.
It is best to be as conservative as possible because it will take more than good looks and a hot body to win over an IRS agent, you know! Be sure that you have receipts and maybe even a log of all the expenses you incur in your day to day venture as a model. If you have all your stuff in order, you should be able to do your taxes easily. If you have any questions, please email me at email@example.com.