bigphilnyc
Posts: 3874
Joined: Sat Jan 19, 2002 10:43 pm

Photography And Taxes

Tue Mar 08, 2005 11:19 am

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.
 
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clickhappy
Posts: 9042
Joined: Thu Sep 13, 2001 12:10 pm

RE: Photography And Taxes

Tue Mar 08, 2005 11:27 am

I do. I also now add 15% to my asking price to cover any shortcomings when i list my sales as income.
 
DLKAPA
Posts: 7962
Joined: Wed Dec 03, 2003 10:37 am

RE: Photography And Taxes

Tue Mar 08, 2005 11:29 am

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.
And all at once the crowd begins to sing: Sometimes the hardest thing and the right thing are the same
 
A340Spotter
Posts: 1742
Joined: Tue Jul 29, 2003 9:52 am

RE: Photography And Taxes

Wed Mar 09, 2005 7:45 pm

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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