Top 4 Tax Deductions for Photographers

Top Tax Deductions for Photographers

Are you a photographer worried about saving dollars on tax? Nobody wants to end up paying more tax from their pocket. To save more on tax, make sure you take advantage of all the tax deductions you are eligible for as a photographer. Out of all the deductions, not each of them apply to you, therefore you need to find out which one will work for you.

The Golden Rules of Tax Deductions

If you want to make a claim for work-related expenses regarding your photography projects, follow the three golden rules:

  • The expense must relate to your work/ photography
  • You must not be reimbursed by your employer
  • You must be able to prove that you spent the money

Common Deductible Expenses

  • Travel

Travel allowances are deductible to some extent, including the expense of your work-related trips. You can claim traveling for your job-related duties, such as going to clients, shuffling between jobs, attending expos, or gathering supplies related to your photography project.

If you drive your own vehicle, you can either claim 72 cents per mile up to a total of 5,000 miles, or you can keep a logbook and claim your real expenses. In case, you don’t use your car, you can still claim for tolls, parking, and public transportation.

  • Equipment

The cost of purchasing work-related tools and equipment is claimable to some extent. If the item you purchased costs $300 or less, you can claim it right away, but if the value exceeds $300, it is depreciated over the years. If you are a self-employed photographer, you can instantly write off any equipment you purchase, including cameras, lenses, lighting rigs, darkroom gear, cell phones, laptops, and camera bags.

  • Self-Education

If the self-learning courses you take are directly relevant to your current position or job, such as photo-journalism or specialised photography, you can deduct the costs of such courses from your taxes.

  • Clothing

Whether you are self-employed or work under an employer, if you are required to wear a uniform to work, the cost of buying and maintaining the uniform is a claimable expense. Only the clothing that bears a company logo is counted as uniform.

There are other expenses that are also claimable. To know more about those expenses, feel free to contact our tax accountant at KPG Taxation.

Consulting with KPG Taxation

Focus On Growing Your Business, Leave The Accounting On Us!

  • Income Tax : File your taxes & get the best claims & returns.
  • Accountancy : Hire expert accountants to manage your transactions.
  • Bookkeeping : Let us handle your record books and expense reports.
  • Business Advisory : From company set-up to payroll, we handle it all.