Whether you’re a freelance model or have agency representation, the modeling industry has vast opportunities, as well as specific exceptions, for tax deductions. Furthermore, organizing modeling expenses (especially with gigs across the United States and abroad) and determining business related expenses is crucial, but complicated.
212 Tax specialists offer expert, attentive tax prep. Thanks to the referrals from DJ and Music Producer clients, 212 Tax & Accounting Services has worked extensively within the entertainment and modeling industries.
Tax Strategies for Models
Accountants for models assist with tax services ranging from income tax return preparation to bookkeeping. 212 Tax has experience managing modeling clients’ expenses and finding tax deductions for models whether casting, auditioning or booking related.
Record keeping is particularly important as a model’s career can accelerate at any moment. 212 Tax accountants can advise models on the best expense management methods in order to recognize each instance for a business-related write-off. After all, tax deductions for models can be plentiful, but identifying certain types of deductible expenses requires a comprehensive understanding of tax codes and the modeling industry.
Models also need to consider that the IRS has strict guidelines for determining whether an activity is for-profit or a hobby. Trust the tax accountants at 212 Tax to properly and strategically categorize your modeling engagements. The Internal Revenue Code, Section 183 (Activities Not Engaged in for Profit), limits what can be claimed when an activity is not considered for-profit. Additionally, because models can work for multiple clients, they can expect multiple forms. With 212 Tax, make sense of every form and ensure correct filing.
The Certified Public Accountants at 212 Tax offer reliable tax services, personalized financial advice, and industry know-how to avoid multiple-form confusion and always help clients receive the maximum tax refunds. Contact us today for a free quote.