Tax Question - Can you write off rental gear?

[Katyxa]

I have a question for those of you who have been doing photography business for a while. Can you write off a photography rental equipment on you taxes?

Thanks.
Katya

[BuddhaPi]

I would think so, it is a legit business expense. I'm not a pro photographer, but i've written off rental cars when I travel for work purposes, as well as everything else on the trip, ie meals, lodging ect..

[Niresangwa]

any 'legitimate' expense in the name of conducting business can be written off. just hang on to your invoices..

[gturner]

Simple universal rule of taxation.
If the expense was incurred in the production of earning TAXABLE income, you can apply the expense against the income.
HOWEVER - you cannot write off photo rental against other income. The expense must be directly related to the income produced.
As long as you keep the receipts and can prove they are related you have no problem

I would recommend professional advice if you have a more complicated question

[Katyxa]

Great. Thanks a lot! I have it all tracked in my accounting system, but since this is my first year of actually going out and making my photography hobby a business, I wanted to make sure I can write off all the photography expenses. How about the photography props? I've invested some money into those, to keep my photography settings fresh. Can I write off that as well?

[BuddhaPi]

Originally Posted by Katyxa

Great. Thanks a lot! I have it all tracked in my accounting system, but since this is my first year of actually going out and making my photography hobby a business, I wanted to make sure I can write off all the photography expenses. How about the photography props? I've invested some money into those, to keep my photography settings fresh. Can I write off that as well?

yes you can

[Jim Bryant]

Originally Posted by BuddhaPi

I would think so, it is a legit business expense. I'm not a pro photographer, but i've written off rental cars when I travel for work purposes, as well as everything else on the trip, ie meals, lodging ect..

Yes..anything has is associated with your business.

[Niresangwa]

So I'm good to go with my 42" 1080p 120hz HD 'Monitor'?

[jdepould]

Originally Posted by Niresangwa

So I'm good to go with my 42" 1080p 120hz HD 'Monitor'?

Do you actually use it for work?

[gturner]

Originally Posted by Jim Bryant

Yes..anything has is associated with your business.

Just be careful when it comes to Equipment purchases.

Different countries/ states have different laws when it comes to small business, but in bigger business you cannot write off the full value of capital equipment in 1 year. So new cameras and computers would normally be written off over a period of 3-5 years at a sliding scale % per year.
Consumable expenses (lodging, flash discs, printing etc) all go into EXPENSES that can be applied against the income.

Ask you local tax office or a local accountant, you need to get this right from day 1. No use trying to DIY it and getting it wrong.