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Photography And Taxes  
User currently offlineBigPhilNYC From United States of America, joined Jan 2002, 4076 posts, RR: 54
Posted (9 years 1 month 1 week 5 days 18 hours ago) and read 2365 times:

Does anyone hear file their taxes listing expenses from their photography work?

This was my first year with my camera and I was kind enough to Uncle Sam to report all my earnings from my photography. My accountant scolded me, told me to keep better receipts.

Since aviation photography is a light side-business for me, my transportation to the airport, trips to conventions, trips to take pics in Boston, camera equipment and more all gets thrown in as expenses now. If I knew that, I'd have saved more of my receipts.

I love my accountant.

-Phil


Phil Derner Jr.
3 replies: All unread, jump to last
 
User currently offlineClickhappy From United States of America, joined Sep 2001, 9601 posts, RR: 69
Reply 1, posted (9 years 1 month 1 week 5 days 18 hours ago) and read 2351 times:
AIRLINERS.NET CREW
PHOTO SCREENER

I do. I also now add 15% to my asking price to cover any shortcomings when i list my sales as income.

User currently offlineDLKAPA From , joined Dec 1969, posts, RR:
Reply 2, posted (9 years 1 month 1 week 5 days 18 hours ago) and read 2349 times:

Yeah, unfortunately reporting to uncle sam is a good idea, we get enough trouble from government agencies just by spotting, so it's probably a bad idea to have the IRS on our backs as well...

Anyway, I just got a Canon 420EX flash, that receipt is getting filed away for tax time next year.


User currently offlineA340Spotter From United States of America, joined Jul 2003, 1977 posts, RR: 24
Reply 3, posted (9 years 1 month 1 week 4 days 10 hours ago) and read 2232 times:

Phil,

I've done it since 2000 and now with the baby arrived, have been thinking of no longer having the business. Talked with an accountant who mentioned that there's some sort of form to fill out ending the business, but I haven't found it yet.
That said, indeed you should keep every receipt for everything as it'll come in handy when tax time comes...

Jeffrey



"Irregardless, it's a Cat III airplane, we don't need an alternate!"
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