Help its tax time

[BEWITCHED]

:) :) Posts: 34


http://photography-on-the.net/forum/images/icons/icon1.gif tax time Depreciation
Hello hope someone can help .Doing my own tax .first year runing a wedding
photography business. My husband calls it an expencive hobbey. I KIND of agree with him . I have brought $20.000 worth of gear (well he has ).what % can i claim on depreciation . thanks BEWITCHED PHOTOGRAPHY

purchased 5d
3ood
24-7o l lens
580 ex speedlight flash
580 ex2 speed light
studio lights
and more

[tim]

This is something you should see an accountant about, if for no other reason than then you have someone to point your finger at if the tax department comes knocking on your door.

[BEWITCHED]

This is something you should see an accountant about, if for no other reason than then you have someone to point your finger at if the tax department comes knocking on your door.



thanks tim i think i just might do that . BIT embrasing i have spent more then i have earnt . So thats why i wanted to do it myself .

[tim]

Tax is complex, I can't do my own. I let me accountant deal with the numbers, I take care of the photos :)

[InspiredGraphix]

It is not uncommon to spend more than you earn in the first year, especially if you can...
But yeah, get someone to do it for you. I long since gave up doing my tax.

Rob

[LeesaB]

This is our first year..will be our second tax year...

I consult an accountant, but also buy a book..J.K. Lazzures ( may not be spelled right) if your taxes are basically just your business and another income, you may be able to figure it out on your own...if not...get an CPA.

This year we purchase well, built and rented a couple duplexes..so I am not even going to do our taxes anymore...I am not into real estate tax. We have found an accountant for us. I am anxious to see his results.

Good Luck...

[Kathy H]

Unless you are educated in accounting and taxes I would definately get a CPA to do the taxes for you. Not only can they back you up in case of an audit, they know all about what you can deduct and whats best to depreciate and so on. They usually charge me about $300 a year for doing my tax returns but believe me, it's money well spent!

[Grace]

and a good accountant will tell you whether or not you want to depreciate the gear all at once, or spread it out over time....;) lots to think about- glad they know all the goodies!

[tony fanning]

A good accountant will save you more money than he/she costs you! (probably)

[gheesom]

Not to mention they will know the tax laws in your country. they vary wildly from country to country, and then some very from area to area with in the country. You may be given some advice on here, it's possible it won't be allowed in your country.

Gareth

[JaertX]

guess I'll jump on the bandwagon and encourage you to get an accountant. If you're not serious enough to need one, then it is just a hobby and I wouldn't worry about the depreciation.