Tax Time for Photographers

If you were here on Monday and I bored you half to death with my tips for improving your tax situation for the coming year, get ready for the other half. I know that nobody actually likes to think about this stuff. We’d all much rather learn how to make a kickass softbox with a box of matches, a flashlight, and a roll of toilet paper. Eventually, though, taking charge of your photography’s financial well-being becomes one of those cross-roads moments. Might as well rip that bandage off and grab the bull by the horns.

For those of you keeping score, that was three metaphors in a single paragraph. The bottom line? Just do it.

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It’s that time of year again. The annual humiliation. Taking financial stock of the past 52 weeks in a feeble attempt to hold onto as much of my hard-earned cash as humanly possible. The accountant might as well be dressed as the Grim Reaper. The list of things I wish I was doing, rather than getting ready for the tax man, is long enough to make Santa’s look like a grocery list.

Hopefully, you had a successful year. Business is not only steady, but growing. You’re organized and keep good records. Unfortunately, the artist in many of us often takes the lead. That can be a good thing for your photography, but not so much when it comes to paying the piper. While it may be too late to improve your tax position for 2013, there are things you can do to help make sure that you’re much better off a year from now.

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