Tax Returns with Photography?

Well, basically, I have a full time job and all during the day, and do side photography and all in my free time. I have a smugmug and have to submit the W-9 form so I can get the money from pictures ordered from it. Now my question is how do I go about claiming all of the equipment I have bought over the past year on tax returns? Because, correct me if I am wrong, but I would need to have my photography set up as a small business to claim anything? Any thoughts would surely help.

C
P
A

Sorry, but asking a bunch photographers tax questions is like asking your Barista about your investments.

Not the best source of info.

You need to have a business, not a hobby.

Did you charge, and pay in sales tax on all the work you done?

Basically your beating a dead horse. Your just setting up for an audit, and getting yourself in trouble.

And then you need to itemize, and the standard deduction is probably more then your itemized gear would be.

tamadrummer1120 wrote in post #11744027
Well, basically, I have a full time job and all during the day, and do side photography and all in my free time. I have a smugmug and have to submit the W-9 form so I can get the money from pictures ordered from it. Now my question is how do I go about claiming all of the equipment I have bought over the past year on tax returns? Because, correct me if I am wrong, but I would need to have my photography set up as a small business to claim anything? Any thoughts would surely help.

I am not an account so do not try to take my advise to the IRS, however prior to incorporating my business I was able reduce my personal tax liabilities by depreciating my equipment and vehicle purchases against my income.

Also do not forget to claim fuel (think CC receipts) used in the development of those images as that can be a direct write off.

Wayne

Depends on your income. Small income, it's a hobby - deductions limited your amount of earnings. Big income, Sch. C - can depreciate it all. Sch C will require you to 1/2 self-employment tax.

Sales tax is a state issue and I can't comment on that.

Austin Fern wrote in post #11744651
...asking a bunch photographers tax questions is like asking your Barista about your investments.

No kidding. My barber is a much better source.

I'm not a CPA either but mine would tell you to claim mileage not fuel costs for a small business.

See why you need a CPA not a photography forum

photoguy6405 wrote in post #11745556
No kidding. My barber is a much better source.

I've found my barber a darned good source of small business information over the years. He's also steered quite a bit of business my way (because he's also a higher-end women's stylist and seems to know everybody in town with money).

RDKirk wrote in post #11748029
I've found my barber a darned good source of small business information over the years. He's also steered quite a bit of business my way (because he's also a higher-end women's stylist and seems to know everybody in town with money).

Successful small-business-people can be a great resource for many things. They've lived it.

-F

CPA CPA CPA ... take it from me. CPA. Last thing you want is an audit 3-4 years down the road b/c you decided to file yourself ...

+1 That's what I do.