shootermcgavin
TPF Noob!
- Joined
- Sep 22, 2011
- Messages
- 939
- Reaction score
- 77
- Location
- Midwest
- Can others edit my Photos
- Photos OK to edit
I never said don't save, I just said don't give the money you save to uncle sam. Every situation is different, so let me rephrase, in the first 2 years don't hold back on deductions. If you're wondering if the trip to Hawaii you took some photos on is a deductable item, well you took photos didn't you? Congrats on a successful first year Bitter, I may not know much but one thing I know for sure photography as a business is not easy.I won't get into details, but yes, I will be getting a new accountant, and yes, I was quite successful in my first year, and figures continue to rise.But that advice is still the worst to give, ever.You should always save for, and be prepared to pay. Always.It becomes a burden when you now owe past tax liability, AND have to save for next years tax liability.So please, don't ever pass on that advice!1/3 Bitter? I think it's time to get a new accountant. I've never paid more than 10% in my life even when I made over 6 figures and worked for someone. 33% is an extremely high income tax. If you're making a ton of money your first 2 years then yeah of course you will have to show some as profits, but unless you're making 200k or more a year what is the major worry of going too high than too low? They say naughty naughty you have to pay a couple thousand more? I'd rather have that happen then leave a couple thousand extra on the table.