Actors, Actresses, Entertainers & Models

Actors, Actresses, Entertainers & Models have unique and often complex tax situations. Getting the best tax result for these professionals requires careful tax planning and an understanding of their particular situation. The are often entitled to deductions that are not available for others outside of their industry. 

They may also be responsible for multiple state taxes and have foreign income that also needs to be accounted for. In addition, they may receive income as: an Independent Contractor reported on a 1099, an Employee reported on a W-2 or through a Loan-out Corporation owned by them or others.

Special provisions in the tax code also allow some in the entertainment industry to deduct some business expenses as an adjustment to adjusted gross income instead of as itemized deductions under employee business expenses (which have been eliminated in years beginning after 12/31/2017). However, this provision only applies to those who are paid on a W-2 as an employee and have two or more entertainment related employers for the year with Adjusted gross income of less that $16,000 so it is unavailable to most.

We offer a full range of services to assist those in these industries pay the lowest tax allowed by law as well as services to assist them keep the records necessary and to manage their financial affairs.

These services include:

  • Accounting
  • Bookkeeping
  • Cash Flow Management
  • IRS & State Tax Representation
  • Personal & Business Bill Paying
  • Tax Planning
  • Tax Preparation

Download our free publication “Tax Deductions for Fashion Models, Entertainers & Related Fields”

The IRS has developed a special “Audit Technique Guide” to assist their auditors in auditing your industry, the guide is designed to assist auditors in finding unreported income and uncover deductions that are not permitted under the tax code. If you want to have a look at this “Audit Technique Guide” check here to download it.