Creative Business Owner? This Will Save You THOUSANDS.

If you are a photographer, graphic designer, filmmaker or creative business owner - Not knowing this tax strategy is costing you money.
Taxes aren't fun, but they're part of running a business. And the crazy thing is, most creative business owners don't spend a lot of time figuring out the BEST way to optimize their writeoffs and pay less tax. If you own a business, spending a couple minutes researching and thinking through your tax strategy could save you thousands of dollars and pay less tax and even get your gear for FREE (Kinda)
#taxesforcreators #taxesforphotographers #taxesforfilmmakers #creativebusiness
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And for anyone wondering...
📸 My camera gear:
Panasonic S1- amzn.to/39SczqO
Sigma Art 35mm 1.4 L mount - amzn.to/3i1SGAc
Panasonic Lumix 24-105 f4 L mount - amzn.to/3grgQ6U
YONGNUO YN-560 IV Flash - amzn.to/2DAsZI4
🖥 Computer Editing Setup =
2019 27" imac upgraded with 40gb of ram: amzn.to/3i3Vk8I
2022 M1 pro macbook pro 16 inch: amzn.to/3PLOKob
I'd recommend going with at least 512gb of storage.

[@stevethompson8154]

When you sell the year old phone for $600 don't you count the $600 as revenue in the year you sold it?

[@SignatureEdits]

This is the part that I’m not giving anybody advice on… BUT typically, most people sell phones for cash… and yes, TECHNICALLY you would report the $600 as income, although with used goods most people dont treat it that way. 👌🏻 So there is the letter of the law, and then there is common practice… But again, not advising anyone, just putting the scenario out there!

[@MarcinKr321]

@@SignatureEdits don’t you have any tax office audits in US? In Poland you would need to show the phone as a proof that you actually have it and not sold without paying taxes.

[@SignatureEdits]

@@MarcinKr321 there is always a chance of an audit on a tax return... and in the event of an audit, all they would do is verify any expenses that are irregular... So if you bought 10 phones and wrote them all off, sure that would be flagged. But even if the phone were flagged, you'd only have to verify that you did in fact make that purchase, send them proof of purchase, and that would be that.
But lets say worst case scenario, they decline the deduction... In that case you'd have to pay them the tax you didn't pay, and that would be the end of it.
again, made this video not as tax advice - but the reality is that the vast majority of ppl buy and sell all the time 2nd hand and don't file any of these purchases on their returns - and governments are well aware of this fact and largely tolerate it... but do what you think is wise!

[@ammarhabib4028]

Very timely insight dude! Appreciate you! Also, I'm definitely closest to a scenario 2 buyer. I started pushing myself towards upgrading more regularly because I used to be scenario 1 until I realized I was losing resale value towards new gear and upgrades 😅

[@cibablea]

Great of you to diversify your content with near priceless insight. Thanks.

[@jeffnewman8261]

Wow!

[@angiemyhre.photography]

Interesting

[@marcothehammer]

I am type #1. Soon to be type #2.