Benjamin Franklin said it best — in the world, nothing is certain except death and taxes. 

You heard that right. Taxes are not something you can just ignore or push off until next year or until you have more time. This is something we, as individuals, have to do every single year. And, as a small business owner, if you make more than $400 in a year, you need to pay taxes for your business as well.

If you don’t, it could cost you more than just losing money. You could lose your business or worst, worst case, you could go to jail. I don’t mean to scare you, but I wanted to sink in just how important paying your taxes is each year.

And if you’re looking to keep more of your money in your pockets, you’re going to want to join me for my free class — Maximizing Your Tax Deductions as a Photographer. In this masterclass, I’ll walk you through the five most common tax deductions that photographers miss when preparing for tax season. (The ones I used to save $12,817 last year!) I’ll also give you actionable tips so you can maximize your deductions and keep more of your hard-earned money. You can save your spot here

Missing a tax deadline here or there may not seem like much, but it can quickly add up. If you don’t know when tax payments are due or you’re not confident in the numbers you’re submitting for taxes, you could be hurting your business in more ways than one. 

First, you could be paying more than you need to. If you don’t understand tax deductions, you may be missing out on opportunities to lower the amount of taxes you owe each year.  

Secondly, you could incur penalties for paying late. This is extra money out of your pocket that could easily be avoided. Some tax payments even give you a discount if you pay them early, so it’s worth being on top of your deadlines.

Lastly, if you don’t plan for taxes, you could be spending more money than you have in your business. Then when a tax payment comes up, you’re scrambling to get the money together or worse, having to pay with your personal money.  A photographer I know didn’t realize she needed to pay sales tax when she first started out.

It wasn’t until several years later that she was informed and ended up having to pay $10,000 to get her business right with the state. Luckily, she was able to pay it so she didn’t lose her business, but it was at the cost of taking money from her personal finances to cover it.  Hopefully, your situation doesn’t come to that, but just the stress and anxiety caused by last-minute tax scrambling can cause many photographers to not make it past year three. 

I know most become a photographer for the beautiful backdrops, the incredible clients, and the gorgeous golden hour glow. Not for the spreadsheets or the numbers. But if you don’t understand what you need to do on your end to file taxes correctly, you may be hurting your business financially.  In addition, if you can continue to file your taxes incorrectly or miss payments, you could get yourself into debt quickly.

Swiping a credit card to alleviate the situation until a later time can compound quickly, to the point that it may affect more than just your business financially. It could affect your family. Constantly having a weight on your shoulders about the money you still owe can be taxing. The strain and pressure could make you fall out of love with why you became a photographer.

Even worse, if your business is audited, there could be a chance you could lose your business altogether.  People often think that audits only happen to huge companies, the whole
“that won’t happen to me” mentality. But that’s not true. Small businesses can be audited, and if you’re not up to date on your tax payments, you may have to pay a large fine or close your business for good. 

Imagine having to explain that to your clients who booked a wedding or session with you. You would be leaving them scrambling to find someone else quickly. It’s not worth taking a chance.  So it’s time to take the next steps to understand taxes as a small business owner. Not only will you be protecting your business, but you’ll be saving money in your business as well.

It can be as easy as spending five to ten minutes a week organizing and tracking your numbers, so you’re prepared for tax season. One photographer I worked with started setting aside money each paycheck for taxes. A simple task to do. Now at the end of the year, instead of scrambling to make her annual payment, she has the money she needs and simply transfers it over to make the payment.

Plus, she often has extra money left in that account that she gives herself a bonus for new lenses or a course. Tax education is so important for so many reasons. The biggest thing to remember is you don’t have to do it all alone. Work with an accountant or CPA who specializes in small business taxes so they can help you get the most out of your numbers and make sure you’re filing correctly.

Doing this will allow you to confidently know you’re paying the correct amount each year in taxes and give you an understanding of where your business is financially at any point in the year.  I know this was a bit of a serious blog, but I want to make sure you know the importance of tax education.

Being a photographer is incredible and it is the absolute best feeling when you’re capturing important milestones and memories for your clients. But if you aren’t taking care of your taxes, that could all come to an end. Your clients trust you to make sure you’re doing what you need to so you can be there for them and to continue doing what you love.

Find an accountant or CPA, create a spreadsheet to start tracking your numbers, and set money aside each paycheck for your taxes. You can do this. 

Have questions about taxes as a photographer? Ask away in the comments below!

---

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, don’t forget to sign up for my free class — Maximizing Your Tax Deductions as a Photographer.  

Give me an hour of your time, and I can show you:

➡️How to reduce your tax liability and improve your cash flow with tax deductions.

➡️The 5 key deductions every photographer needs to know about (and should probably be using).

➡️What qualifies for these deductions, and what doesn’t.

➡️How to calculate the deductions that aren’t simple and straightforward. 

Last year I saved $12,817 just by utilizing the 5 key deductions I’m going to be sharing with you, so this is a class you won’t want to miss!

---

Let’s Prep for Tax Season – Together

Keep more of what you make inside of your business with these 5 key deductions for photographers. I’m sharing all inside of my free class — 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!
Don’t know what you don’t know? You’re just 90 minutes from a custom tax prep system with my 1:1 Tax Prep Mentoring sessions!

XOXO ~ Heather Marie

Communicate with Your Accountant to Save Money

What Taxes Should You Charge Your Clients and What Taxes Do You Need to Pay?