Photography questions about taxes?

I'm starting up a photography business and i am wondering what all i need to do. Come tax time what will i need to do? What will I need to do about things I buy? What will i need to do about receipts? Thanks to anyone who helps out. I just need the help gettin started

Asked By: Shay236 - 11/29/2009
Best Answer - Chosen by Asker
In addition to the regular 1040 you must file a Schedule C - Income from Self-Employment. This can work to your benefit so don't freak out yet. As a self-employed person, you only actually have to post a profit 2 out of 5 years, and the loss is deductible against wages and other income and can lower your tax bill while... More
Answered By: jeannie - 11/29/2009
Additional Answers (3)
You probably need to get a retail tax id and you will file your taxes quite differently. I had one briefly. I had to save all my receipts for everything (materials purchased, customer orders, etc), fill out extra forms, and I actually filed my taxes quarterly rather than yearly... More
Answered By: midnightmoon - 11/29/2009
This is a photography forum,... You really need to talk to a CPA, not a photographer. .
Answered By: FotoZ 4 FX - 11/29/2009
FotoZ is right, but Jeannie's answer covers it pretty well. That should be enough to scare you into consulting with an accountant... More
Answered By: Picture Taker - 11/29/2009
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