Microstock Photography Forum - General > General Photography Discussion
Do you file taxes on your income from stock photography? (Honest)
cathyslife:
--- Quote from: marthamarks on February 08, 2020, 17:59 ---
--- Quote from: trek on February 08, 2020, 12:04 ---My understanding is that paypal issues a 1099K for people who have 200 transactions "and" $20,000 in earnings. Keeping the transaction number below 200 should fix the problem.
--- End quote ---
Whew, what a relief! No worries for me in that regard. ::)
--- End quote ---
Ditto.
Roger Mitsom:
--- Quote from: K46 on May 22, 2018, 14:28 ---Thank you all very much. Being a student, I've yet to pay taxes for the first time. I have a large portfolio of pictures that were ready for stock but I think I will wait until I settle down to avoid double taxation.
Most importantly, I hope everyone understands that this question was never meant in an offensive way, as made clear by my age, it's an honest one, I thank you for your replies!
--- End quote ---
Having been freelance for 20 years in the photo industry (though new to stock) let me tell you that you are better served using the system to your advantage by utilizing deductions than by trying to hide income. I didn't pay taxes on income for a few years when I started out and just know it will come back to you with interest. And the government doesn't forget.
Your income with these companies is logged. That's why they have your info.
Also, likely you aren't making a whole lot from stock right now. Working your deductions on gear the right way right now is an advantage. You can deduct a $3500 camera purchase from your overall liability even if you only made $300 that year.
Also, if you are freelance/ independent contractor, finding an accountant who understands the business will save you more money than it costs.
Mrblues101:
As non-US resident i totally dont understand how taxes thing works for MS...
I just fill the Tax form that agencies gives to me and they automatically discount the taxes from sale in the USA...
I didn't report my earnings to my local tax center becuse they don't care about internet commercial activity...
Anyway... i always was curious about how it works...
Whiskybottle:
Would be useful if you guys say which country you're from, as the rules vary.
For me (UK) my accountant did my tax for me, but refused to accept my (significant) expenses. Seems it was too much like hard work, so I ended up with a bill and a right mess to sort out. Following year I did it myself and got a tax refund back into my back within a couple of weeks.
CommuniCat:
Yes of course. Always declare income. Just remember that every camera, every trip you take with your models, every hotel you stay in while travelling with your models, every prop you buy for stock, including food if you shoot food as stock is then a legitimate expense. Also, times are tough and sometimes we don't make a profit with our work. Sometimes it's more expensive to go to all of these locations with our models than we make. Especially when we get paid $0.10 for a download. Such is life.
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