Actually, the Feds would prefer that you get professional help in preparing your taxes so that you reduce your tax liability to the lowest possible amount.
Why? Because economists tell us that when we have more money available to stimulate the economy, everyone benefits: merchants, employees, and employers. If more money is circulated, it means more taxpayers are generated. The IRS is not unwise in encouraging you to learn how to reduce your taxes.
A famous jurist once said, “To evade taxes in not legal, but to avoid taxes is your right. ” Stock photographers have a special advantage when it comes to tax reduction. Not only are your home office or studio business expenses legal deductions but also so are your travel expenses to get those photos.
Your automobile or air travel, your lodging, not to mention your upgrade to a new camera or photography software - these are bona fide expenses. Travel expenses for your spouse, if he or she is employed regularly as a model in your photos, are also deductible. And, of course, your photos become “receipts” that document that you actually traveled to a location and took marketable photos. (The IRS always likes to see proof that you actually performed the work. )
HELP IS ON THE WAY
Where do you find help to learn more about the legal tax deductions that you may be missing out on ? Not in the Yellow Pages. Instead, search the web for tax professionals in your local area who deal in the area of what’s called, “intellectual properties. ” Also, ask local successful authors, songwriters, artists, -anyone who makes a living in a creative way. You’ll probably hear the name of a particular local tax expert cropping up often. This is the person who can save you possibly thousands of dollars in unnecessary tax expense.
Prepare yourself for big tax savings. For helpful insights read and study our report, The Stock Photographer’s 2007 Guide To Tax Savings. If you’re good at doing your own taxes, this is all you’ll need. Otherwise, read the Guide and then take it to your tax professional and say, “Save me some money!” He or she will take it from there.
PS: Did you know that you can hire your teenage son or daughter in your photo marketing business? They can also become a tax deduction for your stock photography business, plus earn extra money while learning a photography skill.
Rohn Engh, veteran stock photographer and best-selling author of “Sell & ReSell Your Photos” and “sellphotos.com, ” has helped scores of photographers launch their careers. For access to great information on making money from pictures you like to take, and to receive this free report: “8 Steps to Becoming a Published Photographer, ” visit http://www.photosource.com