If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
Writing off gear?
Carlo Coggi wrote:
I am an advanced amateur photographer and will be taking an 'extreme adventure' vacation this summer. A friend of a friend is editor of a well-known travel magazine who heard about my somewhat unique vacation and said that the magazine would be interested in seeing a spec article/photos about the trip. Business/Tax Question: Two months ago I sold my Canon 10D and bought a 30D and some related camera gear. If my photos and text are accepted for publication, can I then form a sole proprietorship or corporation and *retroactively* write-off the cost of my gear and trip? I write off 50% of my auto expenses, phone, internet, computer & camera gear as business expense but I'm almost entirely self employed. The better practice is to depreciate the equiptment so you write off some percent each year based on the expected decrease in resale value as it ages. But my numbers aren't that big so I don't worry too much. My tax guy is OK with this. I think you'd need to show more than one assignment to justify the creation of a business... like a web site selling photos & a resume & all that. You don't need to incorporate, sole proprieter is fine. |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Writing off gear? | Bill Hilton | Digital Photography | 0 | May 22nd 06 08:06 PM |
Writing off gear? | Bill Hilton | 35mm Photo Equipment | 0 | May 22nd 06 08:06 PM |
Writing off gear? | Paul Furman | Digital Photography | 0 | May 22nd 06 07:38 PM |
Writing off gear? | Paul Furman | 35mm Photo Equipment | 0 | May 22nd 06 07:38 PM |
Writing off gear? | Thomas T. Veldhouse | Fine Art, Framing and Display | 0 | May 22nd 06 06:04 PM |