Archived posting to the Leica Users Group, 2008/02/28
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Talk to an accountant. Otherwise, if they haul your sorry ass for incorrect tax form, don't blame us... Generally speaking, in the end, there would be just one line in the Schedule A that says Photographic Supplies: $265,439.12 You may and should have supporting worksheet that breaks it down further. It's a good idea to keep your receipts forever, but at least 5 to 7 years, whatever the figure supposes to be. When it comes right down to it, it only matters if the IRS asks you to provide proof. So if you keep rounding up $.25 purchases to $10, you may have a problem then. If you actually have net income (for the photo stuff), the sanest thing to do is to give the accountant the box of receipts and pay them $$$. It would be worth it. Even if you incur net loss now, it probably still is the sanest thing to do, because it would be only a matter of time that you will make money than Anne Geddes or whoever that babies in flowers person is. At 04:10 PM 2/28/2008, Kyle Cassidy wrote: >hey kids -- > i have a lot more photo-bidnezz related expenses this year around > and I have a question about how to list stuff on my tax return. I > have, for example, a pair of pocket wizards, which cost about $200 > each, and and then various $20 filters, $90 camera bags, and $100 > doo dads and finders and whatnot -- do I have to list all this > stuff individually? Or can I say like "$354.42 mis. camera > equipment/supplies" is there a dollar cutoff where I need to list > things individually? > > I have a pile of receipts like a foot high. Yikes! > >kc > >_______________________________________________ >Leica Users Group. >See http://leica-users.org/mailman/listinfo/lug for more information // richard (This email is for mailing lists. To reach me directly, please use richard at imagecraft.com)