Business Basics

[PBS1117]

If there is a thread already for this please post the link as I don't want to take up valuable space if this had already been addressed. I began my photography business about a year ago but it was more of a hobby however, over the past year as my photography skills have greatly improved and I'm being asked to schedule photo sessions I want to run it more like a business and promote myself. I live in a rural area which requires driving sometimes over an hour away for sessions. I know that I need to be tracking my mileage but do I need to keep receipts for everything as well such as fuel and food expenses when out of town? This past year I also donated several prints for benefit auctions so I should keep the receipts for the prints and framing for those as well I assume for a write off? Also I make a couple trips to the east coast a year to see my boyfriend and typically end up with prints to sell and have already booked photo sessions for my spring trip so is it important for me to keep my receipts for my plane ticket and other expenses from the trip? A lot of questions from me. Just wanting a few pointers. Thank you.

[Niresangwa]

Have you actually done the paperwork and registered this business?

If you're taking business deductions, make sure you're also paying sales and income tax where applicable.

[tomservo51]

Originally Posted by PBS1117

If there is a thread already for this please post the link as I don't want to take up valuable space if this had already been addressed. I began my photography business about a year ago but it was more of a hobby however, over the past year as my photography skills have greatly improved and I'm being asked to schedule photo sessions I want to run it more like a business and promote myself. I live in a rural area which requires driving sometimes over an hour away for sessions. I know that I need to be tracking my mileage but do I need to keep receipts for everything as well such as fuel and food expenses when out of town? This past year I also donated several prints for benefit auctions so I should keep the receipts for the prints and framing for those as well I assume for a write off? Also I make a couple trips to the east coast a year to see my boyfriend and typically end up with prints to sell and have already booked photo sessions for my spring trip so is it important for me to keep my receipts for my plane ticket and other expenses from the trip? A lot of questions from me. Just wanting a few pointers. Thank you.

I think this is a better question for your tax guy. You don't want to be doing something one way, only to find out you've been doing it wrong all year because ;someone on DPS said so....;

[PBS1117]

Originally Posted by Niresangwa

Have you actually done the paperwork and registered this business?

If you're taking business deductions, make sure you're also paying sales and income tax where applicable.

What steps do I need to take to do that?

[PBS1117]

Originally Posted by tomservo51

I think this is a better question for your tax guy. You don't want to be doing something one way, only to find out you've been doing it wrong all year because ;someone on DPS said so....;

Thank you...next on my list....find a tax guy

[Niresangwa]

Originally Posted by PBS1117

What steps do I need to take to do that?

Check your state's regulations on opening a small business. They usually have a website that will walk you through the steps required.

It sounds like you need to take a deep breath, a step back and do some serious reading and thinking.

..........

[bhursey]

PBS1117...

Please see a local CPA they will get a plan for you. You will need a business license, probably a tax id, and maybe even a LLC. Some local CPA's may do a first meeting with you for free. That is what I did and I never went back. I sorta feel bad for not sticking with him but o well.

[PBS1117]

thank you everyone! I'm finding some things online already!