Rex Photography
Tax questions with a small photography business...?
Hello, I am starting a photography business in San Francisco. I will not have any employees and I won't be making much money first. So I don't think I need to hire a bookkeeper to go over my business monthly(I won't be able to afford that either). I'd appreciate your suggestion for any good ideas(appropriate software etc) for my situation to prepare for the tax. And also, I'd like to know if I need to charge tax on my service(location & event photography). Thank you very much!!!!
Public Comments
- The really is that you can't afford NOT to hire a bookkeeper. You have to file quarterly reports with the state and federal governments. And, you may have to collect tax on your photos you sell. (Different states have different rulings on whether "services" (as opposed to tangible goods) are taxed. The amount of money you would pay for software would better spent on a person who will assist you with all your tax issues. It's a sad fact that many people go out of business NOT because they aren't good at what they do, but because they failed to manage their money well. A good bookkeeper (which might cost you, say, $75-$150 a month) will be a bargain for you. Good luck.
- You can probably get Quickbooks to handle all your income/expenses. Make sure you keep personal money seperate from business money. DO NOT MIX IT!! I am assuming you are filing a schedule C, so your accountant should be able to handle the tax implications when you file. If you don't have a CPA get one to at least prepare the tax return.
- Both previous posters are correct. 1) You can get the basic Quickbooks from Costco for about $125 to keep your books 2) Get Turbotax for like what.....$30 to help with the tax return....and Quickbooks can actually download straight into Turbotax since both are created by Intuit. No on the sales tax for locale and event photography (services), but if you sell your clients the pictures (goods and products) then yes, you do need to collect on that. Don't worry, with no employees. The only SF Business form you will need to file is the annual registration. They won't send you the SF Payroll Tax Expense form nor will they send you the Business Property Tax Form (571L). With CA and IRS, you'll only need to worry about quarterly estimated tax payments.........but only when you start having taxable income. Good luck!
