Written by 6:00 am Photo & Video Business Tips, Photography

Small Business Start Up & Tax Tips for Photographers and Videographers

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.

• If your work is more than a hobby, determine if you should be a Sole Proprietorship, a Partnership, a Limited Liability Company (LLC), an S Corp, or a Corporation.

• 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.

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For more information, check out the following articles:

Also check out 5 Important Photography Business Tips to Start the Year Off Right.

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
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