2010 Income Tax Deductions for Micro Stock

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.

  1. Camera Equipment
  2. Computers – 100% computer Write off (Canadian)
  3. Paypal Fees
  4. Cell phone bill
  5. Back up services
  6. Memberships
  7. Fees for services you use like smugmug, flickr etc
  8. Microstock services (ex: Cushystock…etc.)
  9. Utilities (Heat, lights, Insurance…etc)
  10. Supplies
  11. Keywording services (Dreamstime keywording)
  12. Conferences and training expenses, books,  etc.
  13. Photoshop Plug ins, actions & other add ons
  14. Design/logo fees
  15. Mortgage Interest & Property Taxes
  16. Office Furniture
  17. Business Phone Line
  18. Stamps and Envelopes
  19. Business Banking Fees
  20. Advertising
  21. Website Hosting and Domains
  22. Printer Supplies
  23. Internet Connection
  24. Business Trip Costs
  25. Business Meals
  26. Professional Organization Membership Fees
  27. Gas Mileage for Business Trips
  28. Software
  29. Home Office (potion of your home used for work purposes)
  30. Paper
  31. Online Subscriptions
  32. Accounting and Tax Filing Fees
  33. Daycare Costs
  34. Business Cards
  35. Models
  36. Props
  37. Studio Equipment
  38. Studio Supplies
  39. 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.

LINKS:

Canada: www.cra.gc.ca

USA: http://www.irs.gov/businesses/small/

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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February 10, 2011 - 4:33 PM

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February 27, 2011 - 6:51 PM

Todd - Nice list – there are a few in there I hadn’t even thought of, like paypal fees. Tax time is coming very soon, I need to start working on the return (ugh)

February 27, 2011 - 6:59 PM

Melissa King - Yes tax time is coming fast! I am still waiting for some Tax papers from a few stock sites. Than I have to start getting it all together and organized. Don’t ya just love tax time?? LOL

December 31, 2011 - 8:05 PM

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March 6, 2012 - 9:47 AM

Karen - Hi Melissa,

Help! any other stock shooters being audited by CRA??! Up until now, I have written off 100% travel, modeling, etc Now the CRA says that I can claim 0% andI am having to take them to court to challenge this decision. Have you heard of any other photographers that write off travel costs? modeling? if so, how much? where did you get your information for your fact sheet? to build my case, so that other photographers aren’t gouged by the tax system, I need as many examples as we can to prove that this is an industry standard. Any help you can give, is appreciated.
thanks!
Karen

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