Get a jump start on the impending tax season! If you are considering taking your photography/videography to the next level and becoming a business, you will need to know a few things about taxes. Below is a brief list of things to consider, followed by some links to more in-depth guides.
• Determine if your photography/videography officially counts as a hobby or a for-profit endeavor. Here is a guide from the IRS to help you.
• Get your EIN number. You can apply for one here.
• Find a Certified Public Accountant (CPA) with existing clients who are photographers/videographers.
• Have ready a tally of income, expenses (travel, equipment, props, software, domain costs, and advertising). Even rentals are potentially tax deductible so save your BorrowLenses receipts!
• For any independent contractor you hire for more than $600 in one year, you’ll need to fill out a 1099 form for both that person and the government.
For more information, check out the following articles:
- Special Tax Advice: How Photographers Can Get The Right Look From The I.R.S.
- Photographer’s Corner: Tips for Tax Time
- The 7 Common Tax Mistakes Made by Photographers
- 5 Super Simple Accounting Tips for Photographers
- Wedding Photographer Tax Tips
Disclaimer: The information contained on this post is provided for reference purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional tax planner or financial planner.Last modified: May 22, 2020