Hi - I'm getting a call from Turbo Tax for some advice, but I'm looking for whatever advice I can get from people who earn money as part-time photographers, and how they handle taxes and deductible expenses.
Photography is not my full-time gig, but I had around 10 clients last year that asked for my W9, which means I need to claim it. When I simply added the income to my personal taxes, that income was taxed at 39%!!!. Turbo Tax asked if I wanted to upgrade to Small Business filing so I could put in expenses, I backed off because this isn't my main source of income. I am not "incorporated", so I don't know if I should be filing something separate. These are some of the things I will be asking Turbo Tax when they call.
I had a bunch of advertising and equipment costs in 2016, travel, etc. If any part-timers out there can give me any advice about what is deductible, depreciation on equipment, etc., thanks in advance.
Dave
Comments
Dave
we have to file a BAS (Business Activity Statement) every 3 months and then pay the tax in advance if you earn over $87,000 (only if you have a registered ABN - Australian Business Number) here in Australia.
If below, you just file normal time once.
The good news? I have income from part-time photography that I have to consider. Could be worse, right?
Dave