Subject: Re: Writing off gear?
Income tax write-offs: generally, if you have income to buy equipment,
you must also put the income into your income taxes. That includes a
sum of $$$s for self-employment taxes and social security taxes. If,
after gifting the I.R.S. some of your money, the I.R.S. is kind, you
may be able to 'write-off' a portion of your equipment. The travel
part of your trip is a different story __ adding to the fact that you
hope to 'be a business' after the spending for a cruise trip.
You need to find a good tax accountant and listen to what he/she has to
= = =
Carlo Coggi wrote:
> I am an advanced amateur photographer and will be taking an 'extreme
> adventure' vacation this summer. A friend of a friend is editor of a
> well-known travel magazine who heard about my somewhat unique vacation
> and said that the magazine would be interested in seeing a spec
> article/photos about the trip.
> Business/Tax Question:
> Two months ago I sold my Canon 10D and bought a 30D and some related
> camera gear. If my photos and text are accepted for publication, can I
> then form a sole proprietorship or corporation and *retroactively*
> write-off the cost of my gear and trip?
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Re: Writing off gear?
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