 Evan C. Benson |
Taxes - Professional Photographer Hello, Im planning on quitting my part time job this summer to become a freelance photographer. What I need to know is taxes or no taxes??? I will be working with Remax realestate agency locally, and will be working with the Parks and recreation center taking action shots of kids and re-selling them to the parents. Looks to me like I need to pay taxes. One thing though, I'm only 17. So do I have to get a business licence, do I need to get a sales licence??? Please help!
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Irene Troy |
Evan; you really need the advice of someone in your area, not folks here. (no insult meant, people) The need for a business license will depend on where you are in the world – US or elsewhere and if US, where? As to the tax issue, I strongly advise you to talk with an accountant. I further suggest that you skip the cheap fix of the H&R Block type places and find a real accountant who is familiar with the profession. Consider contacting your local small business or chamber office for a recommendation. The short answer on taxes is yes, you will have to keep an accounting of all income and it is taxable. But, this is a very short incomplete answer. You also have to keep track of expenses because these can be charged off against profits. Again, talk to someone local and get the correct advice for where you live! Incidentally, your age is a non-issue; except that if you still live at home and your parents partially or completely provide for your support then they will also be affected by your new income. See above advise. Irene
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Mark Feldstein |
Irene is Soooooooooooooooo on top of it !! I gotta tell ya Evan, first Section 61 of the Internal Revenue Code requires you to pay taxes on every dollar you earn regardless of how you earn it. And as an aside, not to be discouraging either, but you'd best put together a business plan no matter what you plan on for your source of income (if you intend to be self-employed). Also, realize that you're going into one of the most competitive businesses you could have chosen. Everyone wants to be a professional photographer although I haven't the slightest clue why. [Does what we do really look that easy and glamorous?] So, be aware that quitting your part-time job may leave you without an income in short order not only because of the nature of the industry but also the economic times we're in now and heading into. There's been a wealth of information we've posted here on starting a photography business. I strongly recommend that you read it and avail yourself of the suggestions we've posted.
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Evan C. Benson |
I have sat down and really thought it over. I know I want to own an Event Photography Business. However, the time is not now. Yea, I will still do the occasional wedding, senior portraits, and keep stacking up on piles of nature and wildlife photography until I fully understand the lawful side of this business. Thanks for all the information, and Best Of Luck to you.
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Jerry Frazier |
Great choice Evan. I think a change is coming in event photography. It appears that there are going to be the big houses (Bella, et al), the really high-end photogs, and the low-end photogs. The middle, where most of us are will get swallowed up by the Bella's, et al. This is just my guess, but right now is NOT the time to start a photo biz.
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Christopher A. Walrath |
Mark, Irene and Jerry make some good points here, Evan. Do not be discouraged. Take pictures. Build portfolios. Make acquaintances. Form contacts. Tend to unofficial clientele. Build a name for yourself, not for the sake of fame, but for the sake of being known. There is a difference. Being known is the notarity of any business. Fame is just the note, which ain't all that bad but let's not get the cart before the perverbial horse here. Take pictures. Learn more. DO more. When the time is right, it'll probably hit you so hard your shutter speed dial will spin. Keep on rollin'
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