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
- Memberships
- Fees for services you use like smugmug, flickr etc
- Microstock services (ex: Cushystock…etc.)
- Utilities (Heat, lights, Insurance…etc)
- Supplies
- 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
- Advertising
- Website Hosting and Domains
- Printer Supplies
- Internet Connection
- Business Trip Costs
- Business Meals
- Professional Organization Membership Fees
- Gas Mileage for Business Trips
- Software
- Home Office (potion of your home used for work purposes)
- Paper
- Online Subscriptions
- Accounting and Tax Filing Fees
- Daycare Costs
- Business Cards
- Models
- Props
- 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.
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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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)
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
Arnita Rehart - Appreciate for the insightful post. I was trying to subscribe to your RSS feed, but I couldn’t seem to get it working with Google Reader. Is there a problem, or is it just me (I’m a hopeless technophobe!)?
albania travel - Sweet site, super design , really clean and utilize pleasant.
CFNM vids - some truly fantastic work on behalf of the owner of this website , perfectly great subject material .
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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