So I've dropped a few thousand on gear this year and I was wondering how that affects us at tax time. I already use quickbooks but never entered equipment. Is it set up on a depreciation scale like a vehicle or as a one time expense? Thanks!
customsound79 Member  81 posts Joined Feb 2010 Location: Mississippi More info | Jul 26, 2010 10:54 | #1 So I've dropped a few thousand on gear this year and I was wondering how that affects us at tax time. I already use quickbooks but never entered equipment. Is it set up on a depreciation scale like a vehicle or as a one time expense? Thanks! Formal education is fueled by the thirst for a degree, self education is fueled by the thirst for knowledge.
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WMS "Escargot on the Hoof"  2,887 posts Likes: 2 Joined Nov 2006 More info | Jul 26, 2010 12:06 | #2 Depending on whether or not the IRS decides that you are a business, and not a hobby which generates some income, the camera gear might or might not be deductible on your form 5462. Depending on the actual amount spent on equipment during the year it is possible to expense all or part of of camera gear out during the reportable tax year. Important note IF you are not familiar or know what a form 5462 is you absolutely should consult a knowledgeable tax expert (which would probably be a good idea even if you do know about this form).... I'm just a simple maker of love charms and tokens,who occasionally takes a picture or two.
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Dkrogh Member 55 posts Joined Dec 2010 More info | Dec 30, 2010 22:53 | #3 form 5462 is nolonger available on the irs.gov website. Canon 7D Gripped 40D 28-135mm f3.5-5.6 IS 75-300mm f4-5.6 II 70-200mm f2.8L IS
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WMS "Escargot on the Hoof" 2,887 posts Likes: 2 Joined Nov 2006 More info | Dec 30, 2010 23:09 | #4 Dkrogh wrote in post #11545127  form 5462 is nolonger available on the irs.gov website. It seems that ether the IRS has changed the form number or I transposed the form number. Try this; http://www.irs.gov/pub/irs-pdf/f4562.pdf Important note IF you are not familiar or know what a form 4562 is you absolutely should consult a knowledgeable tax expert (which would probably be a good idea even if you do know about this form).... Tax law and regulations are numerous and complex, a forum for photographers might not be the best place to ask for advise. I am not an accountant, nor am I current on specific tax issues, however I have done commercial tax work in the past and am familiar with the basics.
I'm just a simple maker of love charms and tokens,who occasionally takes a picture or two.
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Dkrogh Member 55 posts Joined Dec 2010 More info | Dec 30, 2010 23:46 | #5 WMS wrote in post #11545207 It seems that ether the IRS has changed the form number or I transposed the form number. Try this; http://www.irs.gov/pub/irs-pdf/f4562.pdf Note my previous comment about seeking professional tax help Wayne the 4562 form makes a whole lot more sense as that is the depreciation tables for MACRS and sections 179 deductions. Canon 7D Gripped 40D 28-135mm f3.5-5.6 IS 75-300mm f4-5.6 II 70-200mm f2.8L IS
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Fernando Goldmember  1,628 posts Likes: 6 Joined Jan 2007 Location: Round Rock, TX More info | I've said it a gazillion times. Fuji convert - Ping me if you have any Fuji gear or legacy glass you're moving.
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