----- Original Message ----- From: "Sid Barras" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Monday, January 15, 2001 5:54 PM Subject: OT: a taxing question... > 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? It would seem clear that if you spend money advertising your services ought to be deductible. The rest would depend on weather you can prove that this is a business and not a hobby. IRS generally frowns on allowing deductions for hobby expenses. You should normally be allowed to deduct the costs of this at least to the extent of the income you receive. With equipment there is an additional wrinkle. It would have to be depriciated over a number of years (check with an accountant). Also if some the equipment is dual use (personal and business) you may only be able to deduct a portion of it. - This message is from the Pentax-Discuss Mail List. To unsubscribe, go to http://www.pdml.net and follow the directions. Visit the PUG at http://pug.komkon.org.
