Microstock Photography Forum - General > General Photography Discussion
10 tax deductions for freelancers
packerguy:
Below is a quote from IRS publication 463.
"If your trip was primarily for personal reasons, such as a vacation, the entire cost of the trip is a nondeductible personal expense. However, you can deduct expenses you have while at your destination that are directly related to your business."
I am new to this so how this applies to microstock photography, I don't know. I think one would need to consult with an accountant.
tan510jomast:
--- Quote from: packerguy on February 05, 2009, 08:53 ---Below is a quote from IRS publication 463.
"If your trip was primarily for personal reasons, such as a vacation, the entire cost of the trip is a nondeductible personal expense. However, you can deduct expenses you have while at your destination that are directly related to your business."
I am new to this so how this applies to microstock photography, I don't know. I think one would need to consult with an accountant.
--- End quote ---
Yes, i think that sounds right. i was in accountancy donkey years ago ( my dad's accountancy business in Asia), i just thought perharps the taxation laws have been amended, or different here in US and Cda . cheers packerguy for responding.
yingyang0:
--- Quote from: packerguy on February 05, 2009, 08:53 ---Below is a quote from IRS publication 463.
"If your trip was primarily for personal reasons, such as a vacation, the entire cost of the trip is a nondeductible personal expense. However, you can deduct expenses you have while at your destination that are directly related to your business."
I am new to this so how this applies to microstock photography, I don't know. I think one would need to consult with an accountant.
--- End quote ---
That is correct for US tax codes, but rest assured that you're odds of being audited go up exponentially the more of these "business" expense deductions you take. However that's not saying much because the odds of an audit are abysmally low (it's less than 1% anymore).
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