2WheelPhoto
TPF Noob!
- Joined
- Apr 14, 2011
- Messages
- 6,844
- Reaction score
- 996
- Location
- Tampa
- Can others edit my Photos
- Photos OK to edit
you have not paid taxes on your profit
Who says she has made a profit? Lots of assumptions in these posts. She may have revenues, but she also has expenses that she can deduct, including depreciation on her equipment which memoirshots alluded to in his post. She may be claimed on her parents' tax return as a college student (again, lots of assumptions in the responses to this thread). If she's not claimed by her parents, then if she claims herself her personal exemption would exceed her taxable income and again, she may not owe taxes.
Too many assumptions in these answers to give her really clear guidance on her issue.
I'm not even convinced she's "being sued" as she stated. Based on what I've read, she's in an argument with a client but there has been no lawsuit filed. What person would file a lawsuit where the damages are negligible? What a waste of time and energy.
One question. If you charge for your services and part of your service is to supply pictures. Are you taxed on the sales of the individual pictures or just the income from the service you provide? If just for the service. Would that make the cost of the pictures part of your supplies and there for a deduction.
shhhhhh I've done a few shoots and charged "just my expenses" because I'm in the process of making it all legal and another disclaimer is I'm still a student heh