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FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 29 Jul 2011 (Friday) 16:58
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Taxes Taxes Taxes, and equipment

 
SaxonIV
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Jul 29, 2011 16:58 |  #1

So I've started making money on my photography, a little bit at a time, Really helps out with Paying for books and school expenses.

The question I have Is probably one that a lot of people have asked in the past and I hope I didn't miss a thread when searching around.

Can I write off my equipment and website expenses from the last few months as Investments for my personal taxes? I understand that Gas, Meals, Rentals ect do count, just wondering about all this gear I've bought that I use to make money.

I already am a private contracted live audio technician with the city and I file my taxes on my own with that.

I realize I'm not asking tax experts, but looking for anyone with a similar situation.




  
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gonzogolf
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Jul 29, 2011 16:59 |  #2

Speak to an accountant. Seriously, there are so many ways to do this its worth a brief consultation.




  
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windpig
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Jul 29, 2011 17:03 |  #3

I'd ask an accountant, but if it were me, I'd be looking at rolling the photo biz in with your audio gig. The question that I've been pondering is what is an acceptable way to move the cost of my camera gear that was bought personally over to my business and then start to depreciate it.


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SaxonIV
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Jul 29, 2011 17:29 |  #4

windpig wrote in post #12845053 (external link)
I'd ask an accountant, but if it were me, I'd be looking at rolling the photo biz in with your audio gig. The question that I've been pondering is what is an acceptable way to move the cost of my camera gear that was bought personally over to my business and then start to depreciate it.

I will definitely be speaking with the accountant that handles my personal work for the city, just looking for some quick input from actual photographers. The photography "business" I have setup really is not a business. It's handled in the same way in that I am contracted out by the clients thus avoiding business hassle at the moment. I will most likely just do it with the audio and keep them under the same classification.




  
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lettershop
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Jul 29, 2011 18:22 |  #5

+1 on Windpig's advice. Generally, the IRS looks askance at new businesses that run heavy losses. On the other hand, if you have an existing business where you branch out into a new area, but you still have a positive cash flow, then they tend to not look too closely


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S.Horton
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Jul 29, 2011 18:47 |  #6

lettershop wrote in post #12845441 (external link)
+1 on Windpig's advice. Generally, the IRS looks askance at new businesses that run heavy losses. On the other hand, if you have an existing business where you branch out into a new area, but you still have a positive cash flow, then they tend to not look too closely

No, they do not. You should be more sure of your information if you are going to give people federal taxation advice on the Internet.

@OP the type of firm you need to talk to is a partnership which has tax attorneys and tax filing services combined. It will cost you abut $150/hr to understand how to keep your records and bank accounts properly established. From there, you can get the tax benefits from your gear, your related travel, and more.

Look for a firm like this one, http://www.concannonmi​ller.com/ (external link) They are around everywhere but you have to know one to spot one.


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lettershop
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Jul 29, 2011 18:59 as a reply to  @ S.Horton's post |  #7

I guess you have never heard of hobby losses being disallowed. My advice was agreeing with Windpig's suggestion to talk to an accountant. I didn't think that would be bad "internet" advice


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Glenn ­ Abuja
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Jul 29, 2011 19:58 |  #8

Yes you can, but ask an accountant so you are doing to best advantage for you where you live.




  
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SaxonIV
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Jul 29, 2011 20:41 |  #9

Thanks guys for all the information you've been a big help!

S. Horton - Just yesterday I was thinking in my head of a person that did just that. Thanks for enlightening me.

I will talk with the person that regularly does my taxes about some of these ideas.

Does anyone else do their photography without a business in the normal sense, and just do it on a contract basis?




  
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Jul 29, 2011 20:45 |  #10

Definitely talk to an accountant. Its the best advice yu can get for your circumstances and location that you live in.


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tracknut
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Jul 29, 2011 21:37 |  #11

SaxonIV wrote in post #12846002 (external link)
Does anyone else do their photography without a business in the normal sense, and just do it on a contract basis?

For your contract, who is paying the taxes? The company contracting to you, or are you paying the taxes on the checks they give you?

If it's the latter, that sounds like "being in business". If it's the former, then it sounds like "being an employee".

Your accountant visit should help clarify all this...

Dave


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