Expert in SAVING MODELS MONEY.
We are expert in accounting for Model industry professionals. With over 10 years experience, we have worked with some of the most complex accounting cases and are confident in giving models a service which is both specialist and accurate.
Being a professional in the fashion industry is competitive and time-consuming. The high demand for focus in order to remain up-to-date and on-top can make it hard- if not impossible- to stay on top of all of your financial obligations as well.
Bambridge Accountants specializes in providing a hands-on, stress-free tax service that allows models and other fashion professionals to focus on doing what they love while remaining in line with all tax obligations.
Deductions and expenses
One of the first steps that we will take when looking at your accounts is ensuring that you are claiming absolutely every expense you are eligible to as a model.
Models HAVE A NUMBER OF TAX DEDUCTIONS THAT ARE UNIQUE TO ANY OTHER INDUSTRY.
Below we have put together a list of some of the expense you are entitled to as an actor.
Clothing can be an extremely useful expense to claim on your tax return. As a model you almost definitely spend some of your income on work-related clothing, whether it be clothing for head shots, shoots or meetings.
Clothing is definitely one of the more obvious expenses to claim. However for a smooth and painless tax-filing season every year, it is vital that you are aware of your entitlements when claiming this expense. Many models are subject to penalties and hold-backs due to overclaiming.
USE OF HOME AS AN OFFICE
Use of home as an office is an expense that all too often missed out by models. If you use your home to apply for shoots, go over documents or any other work-related uses you are entitled to claim this expense.
You are able to claim a percentage of your household bills for your use of home as an office.
Getting your name seen and heard is a major part of being a successful model. Anyways you promote yourself in an effort to get ahead in your modeling career is claimable. Whether you pay to be mentioned in an article or directory, run an ad campaign on your fashion blog or any other forms of promotion- it's claimable.
US TAX ON FASHION INDUSTRY
Expert in US Fashion Industry Tax
Tax payers in the US fashion industry face unique tax obligation and opportunities.
Keeping on top of your taxes is not an easy job, let alone understanding tax law and allowances well enough to avoid penalties and maximise on profit margins.
Fashion industry taxpayers are much more likely to be audited than the average. Audits for fashion industry professionals often result in substantial tax adjustments, which are identified according to total income and expenses incurred from said work.
Bookkeeping is often a huge cause of the IRS disagreeing with your income report. Insufficient/ inaccurate records can result in penalties and having to pay unnecessary tax.
As a professional in the fashion industry your accounting needs are unique to any other industry. Whether you it is selecting a proper accounting method to integrate your wholesale, retail sales, manufacturing and inventory systems, or understanding the evolving complexities surrounding tax on sales, Bambridge Accountants have worked with some of the most complex fashion industry tax cases.
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