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Make Anytime Tax Time – Why a Seasonal Check Up Keeps You Ahead of the Headaches

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Summertime can be a boon to new and established photographers.  It usually caps an upturn in business that kicks off in the spring as the wedding season begins.  Those who do specialty photography and capture the gorgeous flowers of the season for calendars, travel brochures or on assignment for popular magazines can get so busy flying from one photo shoot after another they give little thought to the paper trail they leave.  There have been great advancements in technology that make business affairs easier to handle, but they don’t work by themselves.  In order to take advantage of all the shortcuts and automatic record keeping software offers, you’ve got to feed facts and figures into it.  And to do so competently, you will still need the services of a competent tax preparer. learn more updates at http://www.blissfulmavenphotography.com/

No matter the size of your business, cutting corners and being creative about your finances is key to running a tight ship.  Using every resource, you can to your advantage to document the training, travel and investments in new equipment you purchase, you should make a quarterly checkup of your business rather than get overwhelmed in the few weeks leading up to filing your taxes.  You really appreciate how smart a phone can be when you can take a photo of a receipt and text it to your assistant after paying a significant amount of cash to a vendor on some island miles away from a computer.  Or, simply upload that receipt using tax preparing software online.

One savvy guy discovered that the costs to beef up the food stylist shots in his portfolio might be deducted.  He’d found a way to add beautiful shots of exotic meals and ingredients by subscribing to Hello Fresh, the monthly food delivery service.

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It saved him time and money to use a Groupon to order the food, make the meals, take pictures of them – then eat them.  Not only did he save on the subscription, but he realized he could use the shots he took of the local produce, which changes seasonally, to solicit new business from nearby purveyors.  The shots taken of them are styled with the props and backdrops added to his studio over the past year.  His tax preparer reminded him the new equipment would qualify for a tax break after a year since they were considered capital expenses.   Business travel expenses, mileage on your car, even tuition, travel and lodging for training courses can qualify for tax breaks, however small.  The important thing is to document these expenses as soon as possible and take a hard look quarterly.…

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