Being a photographer is a gratifying profession, and if you work from home as a freelance photographer, you get some benefits beyond gratification.
That’s because one of the bonuses of running your own business is the ability to take advantage of tax deductions for photographers.
There are many potential tax deductions for photographers that can help you at tax time. Some of these photographer tax write-offs may seem small, but they can add up quickly, making them worthwhile to track.
After all, each time you write off an expense, you lower your self employed taxable income. That means less tax paid, helping replace the money you spent on your business and putting it back in your pocket.
This handy book will guide through best practices to follow when calculating your freelance taxes.
Here’s a list of the most common expenses that photographers can deduct from their taxes. It’s good to consult with an expert because as with anything financial or tax-related, there is some nuance to what and how much can actually be used as a write off.
The Internal Revenue Service (IRS), the federal taxing authority, defines a business expense as being deductible if it is both ordinary and necessary.
An ordinary expense is one that is common and accepted in your trade or business. In the case of a photographer, an example would be a camera.
A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary. An example would be a website that profiles your photographs.
It can be overwhelming to think about all the benefits of being a self-employed photographer. We’re here to help. Maximize your tax return by learning about these tax deductions for photographers.
There are some expenses that cannot be used as tax deductions for photographers:
There are a couple of ways you can ensure you take advantage of all the appropriate photographer tax write-offs:
1. Use a software system like the Bonsai accounting and taxes tool.
2. Track these deductions on your own and file your own income tax return.
3. Hire an accountant (in which case you’ll still have to keep your own records).
Remember, you can use Bonsai's free self-employment tax calculator to estimate your quarterly taxes!
Not a photographer? Find tax deductions for your specific profession below.