Top 3 Tax Deductions Every Photographer Should Know!

THE TOP THREE DEDUCTIONS FOR PHOTOGRAPHERS

Whether you specialize in wedding photography, family photo shoots, or senior portraits, there are a few deductions specific to photographers that you don’t want to miss out on!

1. PROPS

Don’t forget to deduct any props you buy specifically for your photo shoots!  The biggest thing to remember is that for your props to be deductible business expenses, you cannot use them personally! For example, you can’t write off your family’s sofa, even though you used it for Christmas Mini Sessions this year.

Here are some examples of common props that can be written off:

• Furniture for your studio (or even outside shoots!) like couches, beds, chairs, bassinets, cribs, etc.
• Decor for themed holiday sessions, like Christmas trees or wreaths
• Baked goods (like smash cakes for first birthday shoots)
• Client wardrobes (as long as you aren’t wearing these personally!)
• Backdrops
• Day-of props like flowers or balloons

2. RENTAL FEES

In addition to any monthly rent you pay for your studio, there are also several one-time rental fees that you don’t want to forget about at tax-time…

• Hourly or daily studio rental fees
• Many parks or farms charge photographers daily fees to use their space for outdoor sessions. These fees can be easy to forget about because they are often paid in cash on the day of the shoot!
• Prop rental fees like trucks or furniture

PRO-TIP: While they aren’t necessarily rental fees for props, remember to write off the fees you pay for other people’s services, like mascots for senior sessions or Santa for Christmas mini-sessions!

3.  TRAVEL FEES

Regardless of whether you are a wedding photographer who travels all over the country or a local photographer who travels shorter distances, you want to make sure that you take advantage of writing off all your travel expenses!

• Transportation Fees like mileage, airfare, or ride-shares like Uber or Lyft

PRO-TIP: If you track business mileage, I recommend downloading an app to record your mileage and then providing your CPA with your annual report at tax time!  There are so many great apps out there, but we love MileIQ!

• Lodging Fees like hotels, VRBOs or AirBNBs
• Parking Fees are a huge expense that many local photographers miss out on because these day-of parking charges are often paid with cash!
• Whether you traveled to another state for a destination wedding or just to the next town for a family photo session, make sure to deduct your meals while you are working!

PRO-TIP: Meals are only 50% deductible; it’s been this way for years!  You still want to track the full cost of your meals, but keep in mind that only half of the total expense can be written off at tax time!

Key Takeaway:

The key to being prepared at tax time is to track all of your business transactions every month.  Not only is it easier to manage one month at a time, but it also makes it easier to remember all of your expenses, especially those you may have paid for personally or with cash!  If you need a good system to track your business transactions, download a free copy of our Income and Expense tracker!