| It is important to find an accountant
with the CPA designation. You have to keep in mind that knowing the tax
laws is not enough. The person you hire must be knowledgeable of the modeling
business and be able to guide you regarding the importance of record keeping.
We strongly recommend you keep a diary and make daily
entries of your business and professional expenses. It is equally important
to keep a record in the back of your diary of all your income including
your per diem, along with your session and residual earnings.
You will need to keep accurate records for the
following categories:
Accounting fees
Attorney/Legal fees
Admission to plays and movies
Business meals and entertainment
Business gifts
Classes and Educational Seminars
Commissions
Dues for professional memberships
Subscriptions to industry-related
publications
Hair styling/hair cuts (professional
grooming)
Industry parties
Mailing expenses
Make-up
Office supplies
Phonograph records
Plays
Prints and composites
Publicity materials
Resume
Tapes
Taxis and other local transportation
Telephone and telephone answering
service
Travel expenses for transportation,
meals, lodging, taxis, bus, car rental
Wardrobe and wardrobe maintenance
And anything else that is directly
related to your profession
Foreign Taxes:
If you only work abroad from time to time, make sure to keep track of all
your business activities and have each agency you work for provide you
with specific details of your earnings including deductions for commissions,
expenses and any taxes withheld. Special rules may apply if you are out
of the United States for more than one year. Your CPA should give you the
right information about your taxes and your record keeping. |
