Does the thought of taxes make you cringe? š¬ As photographers, weād much rather be out shooting than worrying about our finances. But what if I told you thereās a way to save big on your taxesājust by using the gear you already have?
In my latest YouTube video, Iām breaking down depreciation, a powerful tax tool that lets you write off the cost of your equipment over time. Think cameras, lenses, and computersāthese are all items that lose value over time, and the IRS lets you deduct that lost value each year. This means more tax savings for you!
Hereās what youāll learn in the video:
- What depreciation is and how it works for photographers.
- What equipment you can depreciateācameras, lenses, lighting gear, etc.
- The two most common ways photographers can depreciate gear:
- Straight-line depreciation (spread deductions over years)
- Section 179 deduction (deduct it all upfront!).
- How to easily track depreciation using accounting software like QuickBooks.
- Why consulting a CPA can help maximize your savings.
Ready to keep more of your hard-earned cash? š Click here to watch the full video and get the scoop on how to use depreciation to your advantage.
Letās make tax season a little less stressful, shall we?
XOXO – Heather
Few things make me more excited than getting the chance to help another photographer prepare for an easier tax season (and keep more of their hard-earned income)! So, donāt forget to sign up for my free class ā Maximizing Your Tax Deductions as a Photographer.
Give me an hour of your time, and I can show you:
ā”ļøHow to reduce your tax liability and improve your cash flow with tax deductions.
ā”ļøThe 5 key deductions every photographer needs to know about (and should probably be using).
ā”ļøWhat qualifies for these deductions, and what doesnāt.
ā”ļøHow to calculate the deductions that arenāt simple and straightforward.
Last year I saved $12,817 just by utilizing the 5 key deductions Iām going to be sharing with you, so this is a class you wonāt want to miss!
Letās Prep for Tax Season – Together
Keep more of what you make inside of your business with these 5 key deductions for photographers. Iām sharing all inside of my free class ā Maximizing Your Tax Deductions as a Photographer!
Make tracking your numbers easy with my Tax Prep Spreadsheet and ensure that tax season is a breeze.
Transform your passion into a thriving business and unlock success for your photography business with my free guide to setting goals for the first year of your photography business.
Mastering your business taxes starts with understanding the different tax categories. Grab my free tax category guide to take the first step towards stress-free taxes today.
Want taxes to suck less? Learn how to correctly prepare your taxes for your accountant with the Photographer Tax Course – and say hello to a confident and calm tax season!
Donāt know what you donāt know? Youāre just 90 minutes from a custom tax prep system with my 1:1 Tax Prep Mentoring sessions!
XOXO ~ Heather Marie
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