Who'd you sell them to?, and I want pics...
I'm working on figuring out a way to make money from our road trip this summer, so I'd love to know how/to who/why you sold yours....
You're welcome to anything I have...you've been a tremendous help!
We took some lanscape shots in florida that turned out good, and a few friends and family bought some (at my priting cost through the lab). I've also done a few portrature gigs (that gal's senior pic for one, some christmas photos, family photos)
The key is that you're establishing(ed) a business, for profit.
IIRC, you don't NEED to have your "doing business as" (DBA), but its very benificial to have it. Plus, its so cheap, why not? You can file this year if you choose to...I don't think you "need" the DBA.
yes please (email in my profile is fine)
I will remember to do this over the weekend. Remind me if I forget though
So would you say this just basically reduces the costs of equipment for you? IE you spent well over the $1000 you got back, it just takes the sting out of it for you?
That's what it was this year. I mean, you write off whatever you can on your taxes for the writeoff, right? This was for my business. When you post a loss, the loss reduces your taxable income directly off of the bottom line, so you end up having less taxable income, and less taxes that need to be paid...as a result, larger refund. Anything that is reasonalby used in the process of your business. For example, I've bought paper, vinyl and fabric for back drops and props...I write off those expenses, and the milage to get to the fabric store. I write off milage to go to the clients house to drop off proofbooks or prints. Its all game. My total loses (including milage) were $3,2xx.xx. Income was close to $400 (mostly from portraiture).
You use a website to display your stuff...write off the site and bandwidth. New lens for landscapes, write it off. New body with better high-ISO capabilities for wedding or low-light portraiture, write it off. AS long as the expense is reasonable in the usage for the business, its a legal writeoff.
Also do you have to buy the gear in that tax year? I haven't bought much this (2006) year... But I'll at least track it for next year... Also it's probably too late to set any of this up for this year anyway right?
Worth looking into for next year though.
Jan1'06 - Dec31'06. If you're starting this year, just start saving receipts.
It may also be strategic on when you start, as you have 3 years before you "need to make" profit.
I have a meeting that I'm late to...but I'll find that thread when I get back.