Modeling & Taxes (General Topic)

If you earn any money as a model then you have to pay taxes on it. You may not like it but that's the way it goes. If you are an underage model then your parents will be responsible for making sure the proper forms are filed or sent to your CPA. For models that are 18 years of age or older, you'll have to start keeping track of and reporting your income accordingly.

Think you can get away with not reporting your income? Think again. Uncle Sam and the IRS show no mercy and all it takes is one audit and penalties to quickly ruin your day (not to mention your finances).

I wanted to make this initial post to address the fact that if you model, whether it's part-time or full-time, you'll need to be prepared to receive the proper tax documents, understand what they are, and what is needed of you when it comes to tax season.

Have I already lost you? Not sure what in the world I'm talking about? Don't worry, after this post, I plan on doing two, more detailed posts. The first one will address handling taxes for the parents of underage models and the second will address dealing with taxes for models that are of age (18 and older), so don't worry, if I've piqued your interest with this topic, or downright confused you, I'll soon provide you with more than enough information for you to digest and add to your modeling career experience.

I told you, modeling isn't always fun and games. =)

Because I live and work in California, I am mostly familiar with how the process works for that state. If you need more information or want to know how taxes and modeling work in the state you live in, I would recommend visiting the IRS website as well as researching online for other links about taxes and the state you live in.

Comments

Anonymous said…

Your post is really a big help to those aspiring model below 18 or older..

February 25, 2009 at 5:15 PM

Want to Be a Victoria's Secret Model?

(*Due to the number of comments and questions I get from aspiring models about working for VS, please be sure to read my post on this very carefully. If you don't meet all of these requirements then you cannot become a model for VS. If you are not tall enough, if you are not signed to a top agency, your chances are not good. If you don't meet the requirements, please don't be too upset about it. Find another field of modeling you may be good for. There are plenty of other modeling opportunities for models outside of being a VS angel. They may not be as good or as well-known as VS but it's better than nothing.) I know I’d jump at the chance to be offered a gig modeling for Victoria’s Secret (although I think they’d be irritated by Photoshopping my stretch marks HAHA, yeah, I said it, I’ve got stretch marks!). All silliness aside, the gals of Victoria’s Secret are probably the inspiration for a majority of aspiring models out there. Not only do they get to wear the s...

Modeling & Pay Rates: How Much Should You Charge?

(This post is more targeted towards freelance models and not those with agency representation, although it may apply to those that have an agent but continue to find their own work.) A part of being a successful model is making money from the jobs that you book. However, being a freelance model comes with many challenges--figuring out what you should charge is one of them. I will say upfront that there are no established black and white rules when it comes to pay rates. Each modeling job is different, each client is different and budgets vary. Ultimately the factors that should influence what you charge should be the amount of experience you have, the strength of the images in your portfolio and the client's budget/needs. Not every client is going to pay what you want to charge. There may be times when you will be skipped over for charging too much or taken advantage of for charging too little. It's going to happen so be prepared for it and do not take it personally. It...

How Old is Too Old to Model?

It’s no secret that the media has made a big deal out of youth. Think about it: how many people have you heard say, “Gosh, I can’t wait to get wrinkles!” Worldwide, selling the idea of youth has made many companies billions of dollars. Without the models, however, they wouldn’t get very far. So that’s the obvious stuff but what about the question of age and being older in the modeling industry? Well, for starters, if you plan on being in the fashion and runway field, the younger you are the better. The longevity for this type of modeling is extremely short for the majority of models involved. Agencies sign girls as young as 13 years old and tend to hesitate if a model is over 18. This topic, like the height issue, is a reality of the industry that you don’t have to agree with but you will have to accept or at least get used to. It’s just a plain fact that agencies and their clients can get more work out of youthful models than those who already show the signs of aging. Sadly, this...

Modeling & Acting 101 - A Model/Actor's Diary

Search This Blog