5 things a photographer needs to get their taxes DONE!
Hey photographers!
I am going to start sharing some educational information for y’all! I feel like I’ve learned so much in the past few years pursuing my business. I love everything about running a photography business, from the book keeping to shooting weddings. Organizing is one of my favorite things to do, not only for my home but also for my photography business. Today I wanted to share with you 5 papers you should take to your CPA when you go get your taxes done! I know tax season is upon us.
INCOME-- I use an excel sheet to organize my income. Other people may use quickbooks or another way to book keep. Some people just do it on paper. It is completely up to you.
EXPENSES-- In my excel workbook labeled “Clients 2017” I not only have my income tab but an expenses tab that organizes my expenses into categories. It can tell my CPA where all my money went from client gifts, subscriptions, software, gear, etc. All I have to do is log my purchases.
MILES-- I use an app called MileIQ. It tracks all of my trips. I go through and swipe which ones were personal and which were business. Then at the end of the year it can send you a spreadsheet to your email and you can download that and it tells you how many miles you traveled in your business and with personal trips too!
OTHER DEDUCTIONS-- In my excel sheet labeled “Clients 2017” I also have a tab that says other deductions. It tell my CPA about the size office I have in my house, my phone bill, and internet bill. So that I may take a percentage of those to write off.
SALES TAX PAYMENTS-- I also show her the sales tax I paid that year. I now pay my sales tax at the end of the year. Some people pay quarterly. Don’t forget to take your sales tax permit too if you haven’t already shown it to your CPA.
Those are the five things I bring to my CPA and she takes care of my tax return from there! It makes it really easy for her to do, but it also keeps me organized throughout the year to know how my finances are. I keep track of my income and expenses almost every week. I forget to swipe my miles for when I do business each day, but I can always go back and look through my calendar and my MileIQ app to track my miles.
I know it’s not always easy to stay organized! But hopefully the spreadsheet I attach here will help you take care of your organization.
