Tax season...

Joined
Jan 8, 2009
Messages
5,301
Location
San Jose, CA
So, in the last year, my wife and I:

-Bought a house
-Started a business
-Did contract work as 1099 employees
-Both held jobs

And this tax season was good to us. I thought we might get hit pretty hard, but we actually did pretty well. Last year we expected a refund and got slapped with a hefty tax bill. But for 2010 we kept track of everything for our photography business which totally helped in the write-off department. Our church keeps very good track of charitable contributions which TOTALLY helped. We claimed -0- on our paychecks. We did everything we could to make sure we didn't owe. And we didn't.

At least I now have a better understanding of how small-business taxes work. Our tax guy is awesome and walked us though all of it, even giving us tips along the way about how to get further write-offs.

All in all, I feel very blessed this morning.

That is all. Carry on with your day. I hope it is a wonderful one, indeed. :smile:
 
Joined
Jul 22, 2008
Messages
5,246
Location
Denver, Colorado
Nicely done Mike. I am going to do my taxes later this week. According to my 'pre-tax meeting' calculations, I owe $350 because one of my jobs (I have 4), only took out $1.26 ALL YEAR of FED TAX. So, when you add up my other jobs, it almost covers the amount to let me break even... but, alas... it looks like I will be writing a check... Unless Mrs. Tax Lady can find me something I missed...
 
Joined
May 20, 2008
Messages
2,505
Location
Fairfax Station, VA
Real Name
Tony Admana
That's awesome news, Mike. That's quite a "Testimonial statement". You have been blessed indeed. Thank you for sharing. :smile:
 
Joined
Jan 8, 2009
Messages
5,301
Location
San Jose, CA
Write off, write offs, write offs. Mileage, DMV registration, meals on the job, gear purchases, driving to and from the bank/camera store, test prints, etc.

All in all, I didn't make much, but we didn't owe very much either. :biggrin:
 
Joined
Sep 21, 2008
Messages
1,425
Location
Atlanta Ga
Quick Question, when starting a photography business whats needed to write off gear & other business purchases? I know to keep up with receipts but is a business license or anything like that required?
 
Joined
Jan 8, 2009
Messages
5,301
Location
San Jose, CA
Basically, per the guy who did my taxes at H&R Block (who was a freakin' genius, by the way) you need "back ups". Receipts are best, but bank statements will work as well.

And remember, when you get receipts these days, they're all thermal receipts. They fade after 1-2 years. So make photo-copies of those receipts!!!!

Tax people/the IRS don't seem to care if you have a business license. It's usually the City/State/County that care if you have a business license. The IRS only cares about getting their money.
 
Joined
May 19, 2010
Messages
72
Location
Novato
At some point in time you will have to start earning an income, as the IRS will only let you write-off for a certain period of time (5 years?). Eventually you will have to start showing a profit and pay taxes on your income or the IRS will disallow your previous years deductions.
 
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