Archived posting to the Leica Users Group, 2017/12/27
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]G'day Kyle, I am not a tax professional nor did I stay at a Holiday Inn Express last night. With that said, it would depend on how you file as a professinal. Mentioning form C tells me you are probably a sole proprieter. So, bring as many business expenses into tax year 2017 as possible while pushing income into next year. Built in assumptions are that your taxable income is under the $450,000 range as a legally single filerk about double that if married. Also assuming you are not filing in a pass through corporation basis you will be buying a piece of business equipment with an arguable 3 year depreciation schedule: as a professional photographer your gear gets destroyed pretty quickly. If your taxable status is as a partnership or a pass through then the rules become very complex with arcane formulas that almost no one fully understands. As to a small portable Leica I would suggest the "Q". Interestingly enough a street photographer in Atlanta has been doing fabulous work with the Q and he goes by Q on Instagram. On Dec 27, 2017 12:09 PM, "kyle cassidy on the lug" <leicaslacker at gmail.com> wrote: Hi folks ? I?m probably not alone in not understanding the implications of the new tax bill. I wasn?t planning on buying an M10 this year, but possibly sometime in the coming year, maybe who knows, I?m doing ok with my M240?s. I had a book do well and as a result I?ve a fat chunk of change sitting in the bank but I?m concerned by all the armchair tax advisors on Facebook saying that small business deductions are going away after this year. I file a 1040 as well as a schedule C. The Washington Post?s article ?5 things to do before Jan 1 to lower your tax bill? advised professionals to buy all their high end purchases now. But I?m not sure if they?re talking about Schedule A or Schedule C. Does anybody with actual understanding of this know if I?ll still be able to deduct equipment expenses that I make next year, or should I blow through all this money on gear I?ll need for the future this year? That said, replace the Dlux-4 with a type 109? yes? or don?t bother? thanks for your time & expertise ? Kyle _______________________________________________ Leica Users Group. See http://leica-users.org/mailman/listinfo/lug for more information