Well it is that time of year again, TAX TIME! You have probably already received some tax forms in the mail for the money you have made throughout the year from Microstock. Taxes are always daunting and time consuming, but deductions help lower the amount you owe or you may even get a tax return.
TIP: Keep very detailed records of everything you do with Micro Stock.
Here is a list of tax write off you may be able to use for your taxes.
- Camera Equipment
- Computers – 100% computer Write off (Canadian)
- Paypal Fees
- Cell phone bill
- Back up services
- Fees for services you use like smugmug, flickr etc
- Microstock services (ex: Cushystock…etc.)
- Utilities (Heat, lights, Insurance…etc)
- Keywording services (Dreamstime keywording)
- Conferences and training expenses, books, etc.
- Photoshop Plug ins, actions & other add ons
- Design/logo fees
- Mortgage Interest & Property Taxes
- Office Furniture
- Business Phone Line
- Stamps and Envelopes
- Business Banking Fees
- Website Hosting and Domains
- Printer Supplies
- Internet Connection
- Business Trip Costs
- Business Meals
- Professional Organization Membership Fees
- Gas Mileage for Business Trips
- Home Office (potion of your home used for work purposes)
- Online Subscriptions
- Accounting and Tax Filing Fees
- Daycare Costs
- Business Cards
- Studio Equipment
- Studio Supplies
- Equipment rental
TAX TIP: Stock up on supplies. If you own a small business or are self employed, consider buying new office equipment or furnishings before the end of 2010. This way, you can still deduct a full year’s depreciation on your purchases. Remember, you’re now allowed to take a 100% write-off for any computer hardware and software purchased prior to year-end. If you miss out this year you can always try this tip for next year.
Please note: I am not an accountant, Please get advice from a professional, a good accountant, is worth every penny!
Do you know of any Deductions I may have missed? Please leave me a comment!
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