To keep it fairly simple, you can deduct any expenses related to your gallery/consignment sales. But you also have to add the income received from any sales to your reported gross income.
Expenses would include materials used in the production of your photography - supplies, services, equipment, and mileage to start with. Expensive equipment may have to be depreciated over a few years. Expenses could also include miscellaneous things like appropriate magazine subscriptions, postage (if you ship), office supplies, etc.
Best to keep it simple to begin with, and save ALL receipts for five years.
Michael H. Cothran
--- In artshow_photo@yahoogroups.com, "henderson" <hdhobos@...> wrote:
> My question concerns Federal Income Tax. What can I legitimately deduct on my taxes this year and in future years? What do I need to do to insure that my deduction will be legitimate if audited?
>
http://artshowphoto.com/support.htm
PLEASE READ....PLEASE TRIM POSTS!!! Keep quoted material short.
Repeat or create accurate subject lines.
If you want to advertise services related to art shows or photography, either in a forum post or on the resource web site, please contact the forum owner for permission.
Resource web site at
http://ArtShowPhoto.com
0 comments:
Post a Comment