mrs.cos Posted February 13, 2012 Report Share Posted February 13, 2012 So, With the start of this being a full on business for me, i have questions, and while these are photography related specificly, they are photogrpahy business related. I am reading myself into circles about tax writeoffs. I am considering advertising in 2 other markets other than Ohio (portland and NYC, as i have family in both locations) for weddings and have been told that travel expenses (ie flights) can be write offs. I was also told by a few other photographers that renting equipment, as opposed to buying it, is a write off. If so, how is it considered a write off, what.. category? would it be considered? I dnt know.. its all so confusing. Can someone explain how write offs work? Do i really need an accountant? One i talked to was 700$$ and i dont have that kind of money just laying around quite yet. taxes are stupid. Quote Link to comment Share on other sites More sharing options...
twistedfocus1647545489 Posted February 13, 2012 Report Share Posted February 13, 2012 Agreed, taxes are stupid. I just had mine done with a guy I have been going to for years with HR Block. I grilled him at length about self-employment, write-offs, etc. He confirmed that ANY business related travel expenses are valid write-offs (flights, travel, meals, etc) as long as you're the one paying (obviously). It works just like writing off mortgage interest and such except it's on a separate form. When you're self-employed you need every write-off you can take. As I'm finding out, you get fucking robbed on taxes. Keep receipts for anything and everything business related. Also, look into writing off a home office if you qualify. You can even write off mileage put on your car for business purposes. I paid about $200 to have my taxes done this year. I considered a CPA this year since I just went into business for myself, but I felt pretty well taken care of by my normal tax guy. Quote Link to comment Share on other sites More sharing options...
AWW$HEEET Posted February 13, 2012 Report Share Posted February 13, 2012 Agreed, taxes are stupid. I just had mine done with a guy I have been going to for years with HR Block. I grilled him at length about self-employment, write-offs, etc. He confirmed that ANY business related travel expenses are valid write-offs (flights, travel, meals, etc) as long as you're the one paying (obviously). It works just like writing off mortgage interest and such except it's on a separate form. When you're self-employed you need every write-off you can take. As I'm finding out, you get fucking robbed on taxes. Keep receipts for anything and everything business related. Also, look into writing off a home office if you qualify. You can even write off mileage put on your car for business purposes. I paid about $200 to have my taxes done this year. I considered a CPA this year since I just went into business for myself, but I felt pretty well taken care of by my normal tax guy. care to let us in on who you go to? i need my shit done proper this yr. how in depth is your return, i don't know if i need to spend $200, but its imperative i get it right. Quote Link to comment Share on other sites More sharing options...
GSXRAntwon Posted February 13, 2012 Report Share Posted February 13, 2012 care to let us in on who you go to? i need my shit done proper this yr. how in depth is your return, i don't know if i need to spend $200, but its imperative i get it right. My accountant charges $300 for my business and personal taxes together. He walks the fine line and gets me every penny I can get. Well worth having a personal accountant IMO. Quote Link to comment Share on other sites More sharing options...
twistedfocus1647545489 Posted February 13, 2012 Report Share Posted February 13, 2012 My guy is Michael Miller. I think his primary location is Gahanna, but he floats to different locations. The Gahanna phone # is 614-471-8808, his email is michael.miller@tax.hrblock.com He's very thorough and knowlegable, but if you need a long form I think you're going to be at $200 regardless. There are some first time user coupons floating around though. I get by on the standard 1040 long-form, but if you can do an EZ it's less.. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted February 14, 2012 Report Share Posted February 14, 2012 You can write off your Internet at your house, along with phones, electric. Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted February 14, 2012 Author Report Share Posted February 14, 2012 I am not able to write off my office at home because i have a dedicated studio that is NOT in my home, that is one thing i DO know from what i have read. Quote Link to comment Share on other sites More sharing options...
rl Posted February 14, 2012 Report Share Posted February 14, 2012 Get an accountant. I use united tax and accounting @ 7311 East Main Street in Reynoldsburg (614) 863-4135 Dan owns the place and does all the accounting for small business clients. An accountant will make or break a small business. Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted February 15, 2012 Report Share Posted February 15, 2012 Trish, you can write off any expense that it used for the purpose of a taxable service. Find an accountant. My first few years with 2 businesses was Crazy, now I let someone else do it. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted February 15, 2012 Report Share Posted February 15, 2012 Trish, you can write off any expense that it used for the purpose of a taxable service. Find an accountant. My first few years with 2 businesses was Crazy, now I let someone else do it. This Also keep in mind anyone that YOU may pay for services. The .gov is really cracking down on 10-99 employees. I think the limit is anyone that you pay over 600 or 700 dollars per year you have to do a 10-99 for. Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted February 19, 2012 Report Share Posted February 19, 2012 This Also keep in mind anyone that YOU may pay for services. The .gov is really cracking down on 10-99 employees. I think the limit is anyone that you pay over 600 or 700 dollars per year you have to do a 10-99 for. Yep minimum of $600 Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted February 19, 2012 Author Report Share Posted February 19, 2012 I was considering buying quicbooks to use this, but geeze the amazon reviews are terrible and a bit scary.. Anyone have any insight? Can i just stick to Excel? Quote Link to comment Share on other sites More sharing options...
mrs.cos Posted February 19, 2012 Author Report Share Posted February 19, 2012 I think my husband and I may shoot each other before this whole tax thing is over. I want to see an accounting, he wants to do it himself. I know he's a business person, but that doesnt mean this will be any easier because he has worked in financial sectors.. .. grumble grumble... Quote Link to comment Share on other sites More sharing options...
Clifford Automotive Posted February 19, 2012 Report Share Posted February 19, 2012 I use quickbooks for both businesses. I love it. I dont see how someone could give it a bad review. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted February 20, 2012 Report Share Posted February 20, 2012 I use quickbooks for both businesses. I love it. I dont see how someone could give it a bad review. This. We use quickbooks at work. Once you get it setup it pretty much does everything for you. Just print off the numbers the accountant needs and they do the rest. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted February 20, 2012 Report Share Posted February 20, 2012 I think my husband and I may shoot each other before this whole tax thing is over. I want to see an accounting, he wants to do it himself. I know he's a business person, but that doesnt mean this will be any easier because he has worked in financial sectors. don't let it go that far. my wife and I did it for her business one year then after that it only got more and more complicated. we pay about $800-$1000 to have ours done but it encompasses a lot for us. Your situation may be different. Those dollars above cover: Our Personal Our Investment Co. Her law practice My photography services Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 21, 2012 Report Share Posted February 21, 2012 I do my taxes myself, I've had them done before because when we were younger my wife didn't believe I was doing it right. $250-300 later she finds out I know what I'm doing. Now my taxes would cost $500-1000 easy at someplace like HR Block so I do them myself and its still very easy. This includes personals for both of us, business, and lots of investment stuff and it takes me a couple hours 1 day a year with HR Block's tax software. Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 21, 2012 Report Share Posted February 21, 2012 I was considering buying quicbooks to use this, but geeze the amazon reviews are terrible and a bit scary.. Anyone have any insight? Can i just stick to Excel? I use QuickBooks myself for my businesses and investment tracking. If you have any questions shoot me a pm or email. I used to run it as the admin at a computer company and have been using it for years. It works very well, but its a real accounting program that is going to have a learning curve to get it to work well. Also if your a member of PPI they have downloadable "chart of accounts" you can get to help you get started. Quote Link to comment Share on other sites More sharing options...
Tractor Posted February 21, 2012 Report Share Posted February 21, 2012 As for write offs, you can expense everything that costs you money for your business and during any work your doing except a few stupid things like the first phone line into your house if its a home based business (that part of the law needs fixed since there are many ways to get voice comms into a home now.) As a business owner your goal is to keep track of as much as you can to reduce your "taxable" income as much as possible. Quote Link to comment Share on other sites More sharing options...
smokinHawk1647545499 Posted February 21, 2012 Report Share Posted February 21, 2012 An accountant friend of mine that does taxes offers free classes about book-keeping general taxes for businesses. Might be worthwhile for some of you to check out. Franklin Refund services Saeng Chaialiee 614-818-1747 Quote Link to comment Share on other sites More sharing options...
Diamonds Posted April 12, 2012 Report Share Posted April 12, 2012 I am in the hole for 6k back to the IRS. I do not want to pay them, how much does a 5k contribution to IRA get me off that bill? Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted April 12, 2012 Report Share Posted April 12, 2012 I am in the hole for 6k back to the IRS. I do not want to pay them, how much does a 5k contribution to IRA get me off that bill? depends on your bracket doesn't it? maybe $1,500 total. Not sure. I know we had to sock away about $10k just to keep from owing. Quote Link to comment Share on other sites More sharing options...
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