Charlotte Photography Meetup Group Message Board › General Discussion Forum › Here, Let Me Give You Some Free Money!

Here, Let Me Give You Some Free Money!

Ted
Posted Jan 29, 2010 9:31 PM
user 4895761
Charlotte, NC
Post #: 107
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Ok photographers -- I know there are a few of you out there that have not yet thought about writing off all the money you spent in 2009 on equipment, computer use, office furniture, software, web site, etc. I met with my tax guy today and will be doing all of that. It is not a requirement that you earned revenue in 2009, simply that you have established yourself (web site, cards or whatever -- pretty gray there). So, do yourself a favor and go back and determine your total related expenses and save yourself a few coins!

Ted
Sharon
Posted Jan 30, 2010 12:14 PM
user 3822260
Charlotte, NC
Post #: 286
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Be careful, though. A home based business is a red flag for an audit. Make sure you don't "fudge" anything or you could find yourself in a heap of trouble and owing more in fines than you wrote off.

You also need to turn a profit at some point to be able to claim these expenses year after year.

Edited by Sharon on Jan 30, 2010 12:15 PM
Ted
Posted Jan 30, 2010 2:39 PM
user 4895761
Charlotte, NC
Post #: 108
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No fudge planned ;) Yes, since I made may investment in 2009 it's all good. Next year I will see what happens.
VegasMoose
Posted Feb 7, 2010 2:24 PM
VegasMoose
Charlotte, NC
Post #: 282
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do you need to set up a business (ie: get a business license) to do this?
I probably spent $5+ K last year on photo stuff (not counting 3 rooms of my house being used for studio, wardrobe and office, but only took in a few hundred bucks
Ed Frazier
Posted Feb 7, 2010 10:16 PM
EF_Photography
Mooresville, NC
Post #: 34
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The best advice for anyone contemplating on using this for tax purposes should really consult with their tax or financial representative. This can be something that could easily backfire if not done properly within the tax laws.
Lindsay
Posted Feb 7, 2010 11:38 PM
mjjgm
Monroe, NC
Post #: 111
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Yes, and be sure it's a good tax representative! Not all of them do it right!

It also makes a big difference as to whether the photography is considered a hobby or a business.
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