Microstock Photography Forum - General > General Photography Discussion

10 tax deductions for freelancers

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michealo:
software
attendance at conferences or shoots that are directly related to your work
equipment insurance

tan510jomast:
In Canada this can also become a bit of a problem without advice from a tax-specialist. especially when the place you deduct is your home. if you deduct a portion of the mortgage, for business, this can change the whole picture of Principal Residence, when you sell. You are not taxed on profit of a Principal Residence, but if you start deducting mortgage etc , it can be deemed like Rental Property. Upon sale , this could be subject to Capital Gain Taxes.
I think one would be wise to talk to a Public Accountant to decide if it is advantageous or not .
I suppose such implication are similar in UK as Canada takes after the British system.

yingyang0:

--- Quote from: WarrenPrice on February 03, 2009, 11:14 ---
--- Quote from: RT on February 03, 2009, 10:49 ---
--- Quote from: leaf on February 03, 2009, 09:44 ---if you have your office in a seperate room that is only used as your office you can deduct a % of the heating, house rent, electricity etc.  The % you can deduct is the % of the house your office takes up.

--- End quote ---

Be careful of this if you live in the UK and have a mortgage, seek advice from an accountant and they'll explain what I mean.

--- End quote ---

I don't know that it is difficult to document but do know that it is a key to getting audited in the US.

--- End quote ---

That's exactly what I was thinking. If you're nickel and dimeing 'business' deductions so much (and these look like non-deductible personal expenses by IRS standards) then you're sure to be audited.

MatHayward:
Any trips you may have taken that resulted in photo's you are selling.  I'm pumped to deduct a trip to Africa this year!

Cell phone bills.  Computer expenses.  Blood pressure medication  ;D

tan510jomast:

--- Quote from: MatHayward on February 04, 2009, 20:02 ---Any trips you may have taken that resulted in photo's you are selling.  I'm pumped to deduct a trip to Africa this year!
Cell phone bills.  Computer expenses.  Blood pressure medication  ;D

--- End quote ---

MattH,
blood pressure medication  ;D   did the debate we do here induce some of that BP?  ;)

Actually, i did go to Africa. And most of my initial sales in micro stock are shots of tunisia . But i haven't deducted the trip, because  my sales havent paid enough to pay off the cab fare from my house to the airport,  ;D    maybe given time it will.  :)

seriously, if you went on a trip,  you're ask, "business or pleasure?"
i wonder if you said, "pleasure", if IRS would consider that non-deductible.
if you said, "business". would the customs of the country you visit treat your entry differently.
can anyone here tell us whether it makes any difference to say "Business" or "Pleasure"?

matt T

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