Tax season is upon us and for those of us who run our photography as a business it's important to make sure we know what the rules are for deductions.
Do you travel to your photography destinations?
Do you vacation and bring your photo equipment with you?
Do you discuss your business during dinners and lunches?
If you answered yes to any of these questions you may be able to deduct some of this from your taxes?
Have you made any equipment purchases recently?
--A new computer?
--New camera or accessories?
Make sure you keep your receipts. Amazon or another online store such as B&H Photo makes it easy to pull up past purchase orders.
You should always consult a professional when having your taxes done. A CPA will be able to help you navigate the intricacies of tax law better than you can. And you’ll have the added benefit of getting a professional opinion on what you can and can’t deduct. It’s the reason I recommend having a professional look over your taxes. It will cost you some money, but isn’t it better to pay someone who knows the rules and regulations then taking a chance and possibly find yourself in a financial crisis that could have been avoided? I think so.
When I began selling my photography regularly I decided to turn my taxes over to a professional. I COULD PROBABLY do them on my own. However I'd rather have someone who knows tax law do everything for me. That way there is a second degree of security.
In the meantime:
Focus on what's ahead of you.