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A lot of things got cancelled here due to the weather. They closed the mountain bike trails today on the mountain due to the fact that they got snow on the trails
A lot of events are happening that have to do with Memorial Day and our Veterans and to me that is most important.
Lainey, you may not have spent enough to bother looking into this, but the fact that you offer your work for sale means you have a business. That means you can deduct the expenses associated with your photography on your tax returns. Of course it also means you must declare any sales as income. But if losses exceed income the difference can be deducted from your other income. Note that if the business fails to be profitable after a certain number of years (I forget how many) then it is no longer considered a business by the IRS but is then considered a hobby.
I assume none of this has changed since I took Tax in the late seventies.
Mike, since she said in her post that it’s a hobby, not a job, Lainey just announced that she can’t take a loss.
my client experiences have been that it isn’t worth the effort, and the worry.
^Thank you for the comments and suggestions. It is a hobby, not money making and we don't itemize anyway. I've sold about 20 photos in 3+ years, I think I'm still safe from the IRS . I give away more than I sell, sometimes I ask the recipient to cover my costs.
Oh, the fact that I'm posting means I survived the 90 minute workout (spin bike, weights, core work). Maybe a bit easier than the last time I did a 90 minute class. It was cooler in the Y this AM and no mask required!
Just for clarification Lainey, you don't need to itemize to take business expenses, when you have an actual business. Schedule C is "above the line". But you are correct not to bother with it all. Now if you start selling your photos for big bucks like Annie Leibovitz, then you should rethink the subject.
Just for clarification Lainey, you don't need to itemize to take business expenses, when you have an actual business. Schedule C is "above the line". But you are correct not to bother with it all. Now if you start selling your photos for big bucks like Annie Leibovitz, then you should rethink the subject.
I don't think I will achieve that kind of fame. Thanks for the info! I will consult with you and Rob if I start cashing in on the hobby.
A few pics from the last weekend: Giving her graduation speech. The actual moment of Graduation! Anika with her diploma. The obligatory cap toss! The cityscape in the center of the cap is that of Columbus, location of THE Ohio State University.
05-29-2021, 06:30 PM
. I give away more than I sell, sometimes I ask the recipient to cover my costs.
I don't think I will achieve that kind of fame. Thanks for the info! I will consult with you and Rob if I start cashing in on the hobby.
