Need tax advice...?

Question

I'm just starting a modeling career and wondering what I can qualify as a business expense. I've already paid for services from a talent agency, and fee for professional photography for my portfolio. What about what I pay for new clothes, makeup, etc? Can I deduct travel expenses, too? I have to buy a plane ticket for a fashion show in Las Vegas. What else would qualify as a tax-deductible business expense for models?

Answer 1

Clothes and makeup can only be deducted if you buy them but they have ZERO personal use (such as a McDonalds uniform)

I would suggest you keep two checking accounts:

One for your business (the modelling career)

One for your personal stuff.

Only business expenses get paid out of the business account.

Only personal expenses (food, rent, entertainment while in Vegas), get paid out of the personal account.

All money you make from modelling goes into the business account.

You then pay yourself a "salary" by writing a check from the business account's checkbook and depositing it into the personal account.

Answer 2

i work in an accounting office

recently, we've had several audits for people in your field - they have really been cracking down on the industry.

things like hair, nails, clothes & makeup are very highly scrutinized.

KEEP GOOD RECORDS! We had a client that did very well, she kept every receipt and wrote each specific job on the receipt (clothes for a particular role - things that she wouldn't wear otherwise, etc.)

it sounds like you are on the right track though

good luck!

Answer 3

Keep very good records and make sure that every receipt has specific information as to the business purpose of the expense.  As for cloths you will need to show that you would only wear that item while "working" and could not also wear it at any time other than work.  If you do specific makeup or hair styling for a show and you provide details you may have a chance.

Answer 4

If you are a self employed business you can take a withdraw from the business but you cannot pay yourself a salary. If you are incorporated you can pay yourself a salary.