Posted by bestcamera in
I’m a weddding photographer and videographer. How do I file my income tax return. I’ve not been filing or claiming taxes on my photography work. I make average about $900.00 per month some times $4,000.00 per month but I never file taxes on them. please help and thankyou so much in advance.
Actually , the IRS can help.
Go to IRS website To ask questions & get appropriate forms.
Also, a tax preparation service (H&R Block etc) can help you w/ forms & filing.
Keep a ledger of all income & expenditures
Save all your business related expense receipts.( busness cards,
recording media,equipment, performance insurance …everything)
Business expenses are tax deductible.
You can file as an independent contractor in which case it is your responsibility to report & pay taxes on income.
If you must or choose to incorporate, the rules change.
A financial advisor or tax preparer can get you on right track esp if it is your sole source of income.
I’ve been reading a great book on the law and taxes for photographers. “Law (in Plain English) for Photographers” by Leonard D. DuBoff, Press Allworth. ISBN: 1581152256. The book is around twenty dollars and has a lot of very good advice on taxes and all things legal in photography. I’d find a good accountant too. They can be worth their weight in gold if they are good.
I hope you kept good records.
You will be filing a Schedule C with your 1040 this year. On this form you will report your gross receipts from the photography business along with all of your related expenses. You will have to pay Federal Income Tax, State Income Tax (if applicable) and Federal Self-Employment Tax on your income.