business expenses of a business are generally deductible. Equipment can be
depreciated (i.e --expensed over time). where the IRS gets upset is with
hobbys are all expense and no income. You ought to get your tax person to
give you some outlines of specific record keeping requirements. --- They are
pretty specific, for example, on travel expenses.
Sid Barras wrote:
> Hi all,
> I am hoping to go into photography as my main source of income in the
> year 2001. Aside from the weight I expect to be losing, and the donated
> shoes I'll be putting on baby's feet....
>
> Knowing that you guys are not accountants, and I don't expect expert
> opinions, but for you USA photogs: Is the money I spend on equipment tax
> deductible in any way? Is there any other things I can do to lessen my
> tax burden in relation to the money I've spent this past year,
> particularly regarding the money I've spent to be able to shoot
> professionally? (Not just cameras and equipment, but educational stuff,
> books, advertising and the like?
>
> I don't need anyone to go into any great detail, what I'm mainly looking
> for from my friend here is, there are or are not deductible expenses,
> and if so, I'll certainly place all these receipts and logs in the
> capable hands of a CPA-- I just need to know whether I can bother with that...
> Thanks for your learned opinions!
>
> Sid
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