jcskeeter
TPF Noob!
- Joined
- Nov 7, 2010
- Messages
- 83
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- 6
- Location
- Minnapolis, MN
- Website
- www.jamescordell.com
- Can others edit my Photos
- Photos OK to edit
Ugh, this is probably a really dumb question but I'm still green on a number of tax related things. Be gentle please.
I've got a FT gig doing photo/video with a corp. I've got a side biz to do jobs here and there. It's Self Propriater (I know, I know it should be LLC but it's low-key jobs still.) I've got a bank account for it so I can keep things separate and organized. The main purpose right now for the side biz is to do projects I enjoy for some extra income.
For the sake of example and using even numbers let's say I will be getting paid $4,000 for a recent job. My plan was to pay myself after subtracting a tax amount let's just say $3,500. Bam, vacation money, done. Daiquiris for everyone! Or....
Is there someway to work this around when it comes to taxes? Totally not trying to be shady or do anything illegal. Just wondering if there are any loopholes or strategies that could be applied here.
So is it possible to instead use the "profit" to purchase a camera and have the right-off of the purchase be applied at tax time. Would I then be getting money back in some way that I could then use for the vacay??
Apologies if this is really dumb and not even how any of this works. Blame my brain for having the crazy idea. It's prob not possible to "have my cake and eat it too"... or is it?? TIA!
(For those who are wondering, I'm currently renting gear for shoots and basically having the client pay for it without them knowing. Nothing new but just throwing that out there.)
I've got a FT gig doing photo/video with a corp. I've got a side biz to do jobs here and there. It's Self Propriater (I know, I know it should be LLC but it's low-key jobs still.) I've got a bank account for it so I can keep things separate and organized. The main purpose right now for the side biz is to do projects I enjoy for some extra income.
For the sake of example and using even numbers let's say I will be getting paid $4,000 for a recent job. My plan was to pay myself after subtracting a tax amount let's just say $3,500. Bam, vacation money, done. Daiquiris for everyone! Or....
Is there someway to work this around when it comes to taxes? Totally not trying to be shady or do anything illegal. Just wondering if there are any loopholes or strategies that could be applied here.
So is it possible to instead use the "profit" to purchase a camera and have the right-off of the purchase be applied at tax time. Would I then be getting money back in some way that I could then use for the vacay??
Apologies if this is really dumb and not even how any of this works. Blame my brain for having the crazy idea. It's prob not possible to "have my cake and eat it too"... or is it?? TIA!
(For those who are wondering, I'm currently renting gear for shoots and basically having the client pay for it without them knowing. Nothing new but just throwing that out there.)