Tax Tools for Photographers
This list is a combined list of recommended and used products by TheLawTog® team.
If you have any others you recommend, feel free to put them in the comments!
Having a good organizational system can maximize your deductions, ease your tax anxiety and run your business more smoothly!
Get simplified and organized with this “more than an accounting” spreadsheet for photographers!
These spreadsheets went through a multi-level process between photographers, lawyers and CPAs to get it right! They also hold the key to viewing your business goals at a glance, as well as budget and expenses.
The download comes with 5 main spreadsheets that are already filled with formulas to allow for easy input in a few areas that will populate results for you to quickly view:
- Client Information
- Client Receipts (date, order, sales tax, cost of goods, sale amount, mileage)
- Cashflow (income, expenses, etc.)
- Income and Goals (Year-view of goal sales, gross monies, net monies, goal sessions, number of photographed sessions, number of inquiries, converted inquiries, total mileage for easy tax deduction accounting)
- Data for formulas
Using a variety of technical tools can help you stay organized throughout the year – these are for systems that don’t fit into the normal accounting program scope.
Dropbox is a great standard to putting into your backup systems – I particularly enjoy using the Dropbox app on the phone to take a picture of a receipt and upload to a specific folder before even getting to my car at the store. Then I can hand off all digital receipts to the CPA at end of the year.
Have all of your tax and accounting documents on a continual backup with a system like BackBlaze. This is a cloud-based backup system that can run all the time so you don’t lose any important documents should a hard drive or computer fail.
If you’re looking for an app that can keep receipts and other expenses in one place, check out Expensify. It’s a free app that allows you to take pictures of receipts, categorize them and create reports. If you’ve lost a receipt, you can also import credit card transactions and creates an IRS guaranteed eReceipt for all purchase under $75.
If you’re not big on the taking a picture of your receipts and then storing online, you can use a portable scanner like NeatReceipts for you.
Tracking mileage can be a small, yet cumbersome, task that has an impact on your deduction strategy. Here are my tips on how to use the EverlanceApp for maximum return.
#1 Every time you get in the car start with your log or application
#2 Include the information with your client files and/or a document to reference at tax time
#3 Store information in the cloud and at least two other areas (the back-up rule of threes!)
But to be honest, I have tried paid apps, mileage logs, taking pictures of odometer and uploading – but none of them were as easy as the free Everlance App. I absolutely dig this application, and did I mention it’s free?! Free is always great. After testing it out, however, I totally would throw down money on this application to keep me sane and organized.
Everlance’s app lets you automatically track all your miles and other business related expenses. The more expenses you account for, the less you have to pay in taxes.
Having a good understanding of how taxes work for your photography business is vital. Don’t just hand-jam numbers into a system. Use them to your advantage strategically!
Year-End Tax Deduction Strategy Guide
Simple systems and tips to implement into your photography business spending, budget and accounting. In certain situations, strategic tax planning can save as much as $15,000 per year. Everyone’s tax situation is different – yours may be less. yours may be more. But either way – strategizing will put more money in your pocket and less in Uncle Sam’s. And I want this for you – I have seen photographers run into the ground because they are not able to bring home enough – even after charging appropriately.
Having a tax deduction strategy guide you can maximize the money you’re making and stretch those dollars! Talk to a local CPA or check out this Lawyer/Tax-Strategist Created Deduction Strategy Guide.
Sales Tax Informational Guides
Are you getting frustrated about sales tax?
You are not alone.
I’m sure you get overwhelmed and scared to get in trouble because information out there may be hard to find, is misleading, or just plain confusing.
These state-specific guides are CPA and Lawyer Created to deliver all of this information, with links to your state and explanations so that you don’t have to be confused and overwhelmed any longer.
Cut through the confusion of taxes. Get guided through.
These immediate-download guides reduce your need for reaching out to a CPA to get these clear-cut answers. Sure, CPAs are awesome to have in your toolbox – but sometimes you need answers now.
#1 Choose Your State
#2 Download and Read
#3 Make Sales Tax EASY
BizRevamp is the online business webcourse for photographers. Taught by Rachel Brenke, TheLawTog®, and goes through topics of business formation, taxes, retirement planning, insurance information, budgeting, pricing, client management and more!
Be Your Own CFO
One of TheLawTog®’s very own CPAs has an awesome course on being your own Chief Financial Officer for your photography business. The goal for the program is for entrepreneurs and small business owners to gain the confidence and peace of mind with their business structure, bookkeeping and taxes.
Check out Be Your Own CFO here.