Income tax time is just around the corner . For photographers (and many other small business owners), thinking about income taxes can be super stressful. Is your photography business ready for filing federal and state income tax?
This episode features information on Federal and state income taxes and notes some important deductions and tax tidbits that can help both new businesses and existing businesses. Taxes don’t have to be terrifying…
In this session, I discuss:
- Setting up a tax file
- Keeping records and receipts
- Auto expenses
- Equipment purchases
- Entertainment and Meal expenses
- Travel expenses
- Home Office deduction
- Common deductions you should know about
- Hobby vs. Business
- Self-employment tax
- Estimated Quarterly taxes
Items mentioned in this podcast include:
- Legal Zoom for LLC’s and more
- Quickbooks
- Good book on deductions — Deduct It! Lower Your Small Business Taxes
- Free mileage log excel templates
- Form 8829
- Form 1040 ES
- Self Employment Resources on IRS website
Note: Some of the links above are affiliate links. If you use an affiliate link to purchase a product or service, I may receive a small percentage as a commission. Thank you for your support, your contributions help keep the Nifty Knowledge Rocks content super valuable for your business.
