best practices for Accounting and Tax planning for Models

Picture Perfect Accounting: Bookkeeping & Tax Planning Tips For Models

If you're a professional model, you know that it takes hard work and commitment to be successful. One week, you may be working on a photo shoot for a client where you're helping them sell a new lineup of their current products. The next week, you could be working as a body part model where your hands are the main focus. Whatever job you're spending time on, there is one common theme. You'll need to account for your business expenses and income by keeping accurate bookkeeping records. Entertainment industry bookkeeping requires strict attention to detail and completing this task consistently may be difficult if you're always busy with work. To alleviate this challenge, you may want to think about using an entertainment industry accountant for your bookkeeping. This assistance will allow you to focus on work and help ensure that your financial records are being kept current and accurate by a best in class CPA.

Providing Financial Insights Into Your Business

One of the main reasons why it's a good idea to keep your bookkeeping records current and accurate becomes apparent when you start organizing your finances to pay your taxes. Having all of the transactions organized in one specific place can make your tax planning for your entertainment industry career more efficient. Your financials will also provide important insights into your business as a model. You can learn where you are spending the most money and determine if there's a way to cut costs. An entertainment industry accountant will make sure your finances stay current and can also keep track of any fees you're still owed, which helps safeguard against not getting paid for the work you provide. Assisting with the completion of your financial reports can be made more efficient when you have a trusted and experienced CPA that you can contact with questions.

Paying Taxes As A Professional Model

Getting the best results from the IRS when you pay your taxes as a professional model takes due diligence and a tax planning strategy. You might have foreign income that needs to be accounted for or be responsible for paying taxes in a couple of different states, which can make it even more difficult to file your taxes accurately. We can help you change that quickly by bringing in an experienced entertainment accountant here at Fusion CPA. Setting up a streamlined process can make it much easier for you to perform your entertainment industry-specific tax planning. This process helps establish a way for you to prepare for your tax liabilities efficiently and quickly. Your tax returns will be compliant and you'll pay as little as possible due to the knowledge of current tax rules and regulations that each accounting specialist has.

Utilizing the Assistance of a Professional Entertainment Industry CFO Advisory Service

Having access to a high-quality entertainment industry CFO advisory service can help you implement long-term financial goals as a model. Entertainment industry financial advisers can take a deep look at your ongoing expenses such as agency website fees, prints for your book, travel expenses or agency commissions and see how healthy your business is financially. Matching up these types of costs against your income can provide you with a better understanding as to where your best opportunities may be for generating income or how you can cut costs. Fortunately,we, at Fusion CPA can help you navigate through this process. Our seasoned entertainment industry financial advisers can also assist you with contract negotiations, which can be especially helpful if commissions are eating up a large portion of your income. Discussing your business entity with our entertainment industry financial advisers can provide you with an opportunity to increase your profits as well, especially if you are working on creating a brand. There may be ways to structure your business that would be more profitable.You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!

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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.