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Thread: Tax write off?

  1. #1
    Fluorite Toothpaste poker's Avatar
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    Tax write off?

    We are planning to go on vacation late May. I obviously will be taking a bunch of photos. If I turned in some of those photos as stock photography making it for business purposes, does that mean I can write of part of my traveling expenses as a business expense therefore making it a tax deduction?

    Has anyone done anything like this?

    Thanks in advance
    Canon 5D MKII & Canon 7D

  2. #2
    Learning more with every "click" mjs1973's Avatar
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    Re: Tax write off?

    I haven't done this (yet) but I did ask my tax person about it. He said you can do it, but you better be able to prove that you have sold some photos from the trip.
    Mike

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    Moderator of Critiques/Hearder of Cats mtbbrian's Avatar
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    Re: Tax write off?

    I don't know about that, but I learned recently that you can wrtie off gambling losses!
    Seriously!
    Have fun on your vacation.
    Brian
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  4. #4
    Fluorite Toothpaste poker's Avatar
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    Re: Tax write off?

    Thanks for the replies....

    I called my tax person and she said to keep all my receipts and we will work it out next year....he he he ....in other words don't bother me right now! I didn't realize the date! Not a good time to ask little questions so close to April 15th....well 16th this year.

    Thanks!
    Canon 5D MKII & Canon 7D

  5. #5
    Learning more with every "click" mjs1973's Avatar
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    Re: Tax write off?

    Quote Originally Posted by manacsa
    I didn't realize the date! Not a good time to ask little questions so close to April 15th....well 16th this year.
    Thanks!
    You actually have till the 17th this year. There is a local holiday in DC on the 16th, and the IRS will be closed.
    Mike

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    Poster Formerly Known as Michael Fanelli mwfanelli's Avatar
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    Re: Tax write off?

    Quote Originally Posted by manacsa
    We are planning to go on vacation late May. I obviously will be taking a bunch of photos. If I turned in some of those photos as stock photography making it for business purposes, does that mean I can write of part of my traveling expenses as a business expense therefore making it a tax deduction?

    Has anyone done anything like this?

    Thanks in advance
    I picked up my taxes yesterday and asked the CPA (yeah, I don't trust the Blocks of the world) about your plan. Without knowing anything about your situation, he could say that you should make more than 50% of your income from photography before you can claim it as a profession. If this is just a vacation and you sell a few images, that is a hobby, the money from which is taxable. :-( But again, this is just very general advice he was reluctant to give out as he doesn't have a clue about your circumstances.
    "Sometimes I wonder whether the world is being run by smart people who are putting us on, or by imbeciles who really mean it." --Mark Twain

  7. #7
    Fluorite Toothpaste poker's Avatar
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    Re: Tax write off?

    Quote Originally Posted by mwfanelli
    I picked up my taxes yesterday and asked the CPA (yeah, I don't trust the Blocks of the world) about your plan. Without knowing anything about your situation, he could say that you should make more than 50% of your income from photography before you can claim it as a profession. If this is just a vacation and you sell a few images, that is a hobby, the money from which is taxable. :-( But again, this is just very general advice he was reluctant to give out as he doesn't have a clue about your circumstances.
    Thanks for asking your tax guy. I should've known it was that simple. Good to know! :thumbsup:
    Canon 5D MKII & Canon 7D

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    don't tase me, bro! Asylum Steve's Avatar
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    Re: Tax write off?

    Quote Originally Posted by mtbbrian
    I don't know about that, but I learned recently that you can wrtie off gambling losses!...
    True, but only if you also declare gambling winnings...:thumbsup:
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  9. #9
    Fluorite Toothpaste poker's Avatar
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    Re: Tax write off?

    Quote Originally Posted by manacsa
    Thanks for asking your tax guy. I should've known it was that simple. Good to know! :thumbsup:
    I meant to say WAS NOT that simple.

    Regarding gambling. You can only write off gambling losses unless you are about to pay on taxes on winnings. If you are always lossing, there is nothing to claim. You can even write off the hotel stay.


    Always consult your tax advisor :thumbsup:
    Canon 5D MKII & Canon 7D

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    Moderator of Critiques/Hearder of Cats mtbbrian's Avatar
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    Re: Tax write off?

    Quote Originally Posted by Asylum Steve
    True, but only if you also declare gambling winnings...:thumbsup:
    I knew there had to be a catch!

    Brian
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    A great photograph is one that fully expresses what one feels, in the deepest sense, about what is being photographed, and is, thereby, a true manifestation of what one feels about life in its entirety... - Ansel Adams

    "Photography Is An Act Of Life" - Maine 2006

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