ugh..... Taxes

It's about that time of year. I'm just getting my stuff ready to take to my

accountant and have a couple of questions.<p>

1) Can anybody suggest any good resources for tax information specifically for

photographers and a photography business? I guess a lot is just general small

business accounting stuff, but if there's anything specific to photography

that would be interesting.

<p>

2) I'm kind of keeping track of expenses, income, clients, invoices etc...

pretty much by hand with excel spreadsheets and stuff. It's become kind of a

pain. I'm wondering what software people are using. I know there's

Quickbooks, but I've heard it's not so great on Mac (yes, I'm a Mac person).

I've also heard of some other software specifically for Studio management, but

they look kind of pricy. So I'd love to hear what software are you using to

manage your finances and track your client invoices, payments, expenses,

etc... and what options are out there.

 

<p>

Thanks

just as I submitted this post, I thought ... maybe it should have gone in the Business forum section.... but I'm interested in wedding photographer's input... and there's also more traffic in this section from people whose opinions I actually respect.

Look at the following post.

 

http://www.photo.net/bboard/q-and-a-fetch-msg?msg_id=00JYqP&tag=

I use quicken to track my expenses for my business. I have an account that every $ get's catagorized. I have these categories for expenses: Developing, equipment, seminars and education, paypal fees, online proofing fees, postage, miscellanious, client albums, office supplies, internet, meals, travel expenses,and assistant or subcontractor fees. It is probably more than I need, but I was tired of my accountant asking for more clarification on miscellanious items.

 

Then, for Income I have the categories for the income taken in, sales tax, and the jobs I do as a subcontract. (This is usually only one or two a year, usually when I help a freind with a wedding as a second shooter.) I do not invoice and keep track of $ per client at all. Uncle Sam doesn't ask for that. So every $ that comes in and goes out goes into or out of a category, and quicken will give me the totals anytime I want.

By the way, I hate getting ready for taxes too.

Umm, please do not take this as impolite:

 

Your opening paragraph and the Question (1), to me, are a nonsense.

 

Get an accountant that has [many] other professional photographers: that accountant should have a list of all the expenses (catagories) they wish you to collect the paperwork for, and, further, they should be asking investigative questions and providing suggestions to your work practices in regard to your financials et al.

 

Why else are you paying them? Surely not to do bookkeeping?

 

Re: question (2) we use MYOB and a bookkeeper does ALL the inputting and preparing for the Accountant and if necessary adjustments, according to the accountant`s instructions. We engage her four to six times per year, depending on workload.

 

[Note for tax purposes we have to file a document every three months, as well as the end of year Tax Return.]

 

Thus, all we need to do is keep ALL the pieces of paper neatly filed: i.e. Invoices and all receipts for everything spent (as per what our accountant has requested) week to week.

 

A good Bookkeeper here costs about $250.00 for 6 hour day and is worth every cent, IMO, even for a sole practitioner.

 

A good accountant familiar with one`s industry is priceless.

 

I can not envisage tax returns, and the processes thereof, being very different in the USA.

 

Really, IMO, your procedure which I interpret from the way the question is phrased begs the question: What is the calibre of your accountant?

 

Regards,

 

WW

<p>I agree with William W on this.</p>

 

<p>Most accountants actively manage and offset a business's tax liabilities. It's they who advise the business on what it can/can't buy or what it should/should not write off, or who reclaim taxes that have been overpaid. They do this by scrutinizing paperwork and advising the business of tax-reduction opportunities it may have missed.</p>

 

<p>Personally, I would not be very interested in an accountant who needed me to do these things myself.</p>

For the Americans who frequent this forum, note that the self employment tax pentupled since last year. Last year, the rate was 2.9% for all those self-employed. This year it's 15.9%, unless you make >$94K through self employment, above which you pay --you guessed it-- 2.9% again. Check Schedule SE for this year and last.

 

Regressive taxes!!! Gotta love 'em.

hey retired Will & Neil,

<p>

Who (except you guys) said anything about my accountant not managing things for me or proactively giving me advice and information? The accountant I have works with at least 20 other (much more prominent than me) photographers in my area and knows plenty about what we all deal with. I'm simply asking for more outside information... ever heard of research. Geez... you guys are too serious.

<p>

And Will, if you're retired, what's with all the talk on this forum like you're still running a businss. What are you retired from? Just curious.

For managing your client information etc, check this out: http://www.photographersoffice.com/

 

I have not tried it yet myself but I think it looks like it could be very helpful and the price is reasonable ($15 per month).

 

Lisa

> Who (except you guys) said anything about my accountant not managing things for me or proactively giving me advice and information? <

 

I did not, if you read the first line of my answer: `Your opening paragraph and the Question (1), to me, are a nonsense.` i.e. to ME it is a nonsense asking such questions in regards to what to give to your accountant, and then I expanded, the bulk of my content explain why. In simple terms an accountant should/would be way way ahead of any information here, considering their 1. content knowledge and 2. local, Legal Tax knowledge (as photonet is world wide).

 

 

> What are you retired from? Just curious. <

 

Retired from 35 years professional photography, a few years ago (as indicated in my profile): When I joined photonet I was in fact `retired` from photography as a profession; however I was then still Director of a Company, and an amateur photographer.

 

But in January 2007 I took up a two year contact to Manage a Studio through a transitional period.

 

I cannot edit the `retired` feature from my profile.

 

 

> I'm simply asking for more outside information... ever heard of research. <

 

Good, I guess I confirmed what you are doing is in my opinion the best way about it. Yes I think research is good.

 

 

> Geez... you guys are too serious. <

 

In my opinion, no, I thought it was a serious question.

 

 

Re a former post of yours: would I still be a fun guy with whom to work? :)

 

Regards,

 

WW

<p><em>Who (except you guys) said anything about my accountant not managing things

for me or proactively giving me advice and information? ... ... ever heard of research. Geez...

you guys are too serious.</em></p>

 

<p>Lighten up, dude. I did't say anything about your accountant, or offer any opinions on

your relationship with them. I only mentioned what I look for in an accountant, and things

that I value in accountants generally. What you do is your own business.</p>