I created this spreadsheet for you, the busy photographer, who prefers a spreadsheet over tricky bookkeeping software. The tabs help you organize the information you or your accountant will need for tax time – all in one place! INCOME –…
Read More
A 529 plan is a saving plan which provides tax advantages to encourage saving for college. 529 plans are sponsored by states, state agencies, or educational institutions. There are two types of 529 plans: Prepaid Plans and College Savings Plans….
If you use your car in your job or business and you use it ONLY for that purpose, you may deduct its entire cost of operation. However, if you use the car for both business and personal purposes, you may deduct only the cost of its business use.
There is a lot of confusion and misinformation on the internet about S-Corporations, so today I’m taking a few minutes to clear up this confusion and discuss the advantages, disadvantages, and eligibility requirements of an S-Corp election. What Is an…
A chart of accounts can give you a clear picture of where your money is going, and will provide you with the necessary information to make informed business decisions in the future. Does a photographer need a chart of accounts? Yes, the…
It can be a tough task finding the perfect accountant for your creative small business. Once you’ve narrowed down your list of providers, I recommend hopping on a quick 15 minute call to learn more about your accountant. During…
You may be able to deduct work-related education expenses paid during the year as an itemized deduction. To qualify for a deduction, your expenses must be for education that maintains or improves your job skills or your employer or a law requires to keep your salary, status, or job.
There is a common misconception that I’ve seen on the internet that says if you make under $600 (contracting, freelancing, etc.) – you do not need to report it to the IRS. This is false, there is no minimum amount…
If you have a home office and recently transitioned your business to an S-Corp, you’ll want to understand the steps you need to take in order to continue to take the home office deduction available to you. Here are the…
Thankfully the IRS has a process in place to assist you in getting on track. The absolute worst thing to you can do is ignore the IRS because you don’t have the money on hand. Contact your accountant and file your return by the deadline and pay as much as you can to avoid penalties and interest. Call the IRS to discuss your payment options at 1-800-829-1040. They offer customized payment plans for your individual needs.