January 15th, 2011
Uh oh, time to start thinking of tax time…usually not anyone’s favorite subject! All 1099’s will be sent out by January 31st, so look for yours in the mail. Remember, if you receive payments without taxes taken out, it is up to you to put aside at least 30% of the total in savings for your taxes. If you worked any film or television, you will be forwarded a W-2 (due to be sent by 2/29/11) showing the taxes that were taken out of your pay already. Whether you receive one or the other, this is the time to get your records in order. Save all receipts for expenses you incurred for your profession (check with a tax consultant on exactly what can be deducted as expenses). But it’s always better to save everything than try to come up from memory what your expenses were for last year. I always recommend to models/talent to purchase an simple accordion file folder (from Staples or Office Depot), and just throw receipts in there all year so they are at least all in one place (i.e., parking, gas, per diem, printing expenses, etc.). If you didn’t do it last year for 2010, then this is the time to start for 2011! Good luck, Elaine
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