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Learning
Photography Business
Tax write off
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<blockquote data-quote="RON_RIP" data-source="post: 344044" data-attributes="member: 1140"><p>Since I have a "studio" I have written my camera gear off for years. But my accountant has told me that I need to start writing off my gear only against income directly related to photography. So I am scrambling to get more direct sales to justify the write-off. So this year I keep 2 sales records. One for woodwork and one for photo sales. You do not want to run afoul of the IRS. On the other hand accelerated equipment write-offs can allow you to deduct the cost of some equipment in a single year but you must have income to write it off against. Some latitude is given for new start-ups but you need a good accountant to sort it all out.</p></blockquote><p></p>
[QUOTE="RON_RIP, post: 344044, member: 1140"] Since I have a "studio" I have written my camera gear off for years. But my accountant has told me that I need to start writing off my gear only against income directly related to photography. So I am scrambling to get more direct sales to justify the write-off. So this year I keep 2 sales records. One for woodwork and one for photo sales. You do not want to run afoul of the IRS. On the other hand accelerated equipment write-offs can allow you to deduct the cost of some equipment in a single year but you must have income to write it off against. Some latitude is given for new start-ups but you need a good accountant to sort it all out. [/QUOTE]
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