image sourced from evolution tax
Unless you’re one of those rare accountant types any conversation featuring the word Tax is generally pretty dull. However, with Spring bringing about not only baby animals, but also the end of the financial year most self-employed people across the globe are turning their attention towards filling in tax returns.
Usefully for all photogs out there PetaPixel have posted a reminder of what photographers can and cant claim for in their tax returns. Although based on US rules and regulations most of the pointers are universal and worth keeping in mind while wrestling with your form. But, take this as friendly advice and seek professional opinions as well, from real expert types with relevant degrees and such as we wouldn’t like to land you in hot water. First, PetaPixel picked up on some key questions that the IRS suggest people ask themselves before filing for business expenses. Again, these are non legal pointers which may be just as applicable in places like Britain or Australia and help get you thinking about the job in hand. So:
Here are some questions the IRS also suggests asking yourself before claiming business expenses:
- Do you depend on income from the activity?
- If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business?
- Do you have the knowledge needed to carry on the activity as a successful business?
- Does the activity make a profit in some years?
- Do you expect to make a profit in the future from the appreciation of assets used in the activity?
They then went on to list 10 expenses that normally are covered as deductibles from phone lines to housing costs. Check out the full post here.
