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Yes, provided the photographer operates a business entered into to make "profits." But no deductions for losses incurred in pursuing "hobbies." For a detailed discussion of this audit-triggering question, see the 2008 edition of my book, "Tax Tips For Stock Photographers: Savvy Ways To Trim Losses To The Legal Minimum," published by PhotoSource Intenational, and available at photosource.com. -- Julian Block
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∙ 16y ago
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Is money capitalize?
An accounting method used to delay the recognition of expenses by recording the expense as long-term assets. In general, capitalizing expenses is beneficial as companies acquiring new assets with a long-term lifespan can spread out the cost over a specified period of time. Companies take expenses that they incur today and deduct them over the long term without an immediate negative affect against revenues.
How do flexible expenses differ from fixed expenses?
Flexible expenses vary over time.
Is interest expenses an asset or a liability?
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
What do periodic or occasional expenses mean?
Money you spend from time to time. For example: fixing the roof on your house.
Is two or more months too long for processing a refinance?
It can be considered a long time. You have to ask yourself, did you do everything to make this transaction go as smoothly as possible? If not, deduct that time away from it. Then deduct the minimum 1-2 week wait for an appraiser, and see what time period you are really left with. If you have been on top of it the whole time, then the bank or broker either can't get you the deal as promised or they are afraid to tell you they can't help you.
Keep Track of Business Expenses?
If you are filing a 1099, the best thing you can do is keep thorough track of all your business expenses. There are many cases in which a business owner or independent freelancer will be able to deduct certain business expenses from personal income. If you do not take the time to keep track of business expenses, then you may end up paying unnecessary funds toward these expenses in filing your taxes. A typical expense that business owners are able to deduct from income is a laptop computer. It is definitely worthwhile to figure out which expenses you can deduct from your income.
Do I pay tax on the rent I receive from a rental?
Of course you do. This is a form of income and you are required to file such income. At the same time you may deduct expenses in gaining this income. You need to have a professional file your return for you.
Do you travel out-of-state to do photography?
As a former full time professional photographer, I used to travel for work but the client had to pay for my travel expenses. Otherwise on vacation I will often go places that I have always wanted to photograph.
Is money capitalize?
An accounting method used to delay the recognition of expenses by recording the expense as long-term assets. In general, capitalizing expenses is beneficial as companies acquiring new assets with a long-term lifespan can spread out the cost over a specified period of time. Companies take expenses that they incur today and deduct them over the long term without an immediate negative affect against revenues.
What are the disadvantages to being a photographer?
You put in a lot of time. You also are in danger from time to time. But none of that should matter if you truly want to be a photographer.
How do flexible expenses differ from fixed expenses?
Flexible expenses vary over time.
Why don't Olympians get money?
Olympic sports contenders are not paid for the competition. Until the 1970s, Olympic athletes had to be amateur, not paid athletes. However, some countries' athletes practiced full time; others were very limited as to who could sponsor their living and coaching expenses.
Who is the most Famous photographer in our time?
Ansel Adams
Who was a long time Vogue Photographer?
Avedon (Richard)
How do flexible expenses differ from fixed expense?
Flexible expenses vary over time.
Why miscellaneous expenses treated on asset side?
Expenses are listed on the "Asset" side because the expenses effect Revenue (or income). Because Income is an Owners Equity account and is increased with a credit, expenses must be listed in the debit column. Also remember the accounting equation; Assets = Liabilities + Owners Equity (Stockholders Equity) The short answer, you want to deduct all your expenses from your equity (revenue account), the only way you can do that is to list expenses on the asset side, if you listed them in liabilities you would have to "Add" the to your revenue (equity account) and you would not get an accurate Revenue amount. When you pay an expense you credit the amount of cash at the same time you debit the expense. When closing out your accounts you can then list expenses on the income statement and it will decrease revenue because Assets - Owners Equity = Liabilities. This is true with all expenses, not just Miscellaneous. Basically, it keeps the accounting equation in balance.
Would you use a histogram to show expenses?
Personally, no. It depends on what you want to show: expenses over time, expenses by category or something else.
