When you’re in business Cambodia phone number as a photographer. Your taxes are probably the last thing on your mind. Instead, you’re running from location to location, checking weather forecasts for any outdoor shoots, and trying to squeeze in the time for edits back at your office. Do you even make enough from photography that you have to pay taxes? Spoiler alert: you probably do. Don’t fret, though! This guide will walk you through what you need to know about filing taxes as a photographer. You’ll learn when you have to pay them. How much you Cambodia phone Number should withhold from your income. The deductions you can take advantage of. Photography can quickly scale up from a hobby to a legitimate business. In fact, that’s an important leap that many photographers take, sometimes without realizing it.
Paying Quarterly Cambodia phone Number Taxes
Once you begin charging for Cambodia phone Number your services and intend to make a profit, it’s best to identify your photography as a business for tax purposes. As an employee at a company, taxes are automatically withheld from your paycheck and submitted to the proper agencies. That includes federal, state, and otherwise. But as a freelance or self-employed photographer, it is your responsibility to withhold and pay your own taxes. It sounds like a hassle, and frankly, it can be. There Cambodia phone Number are also a lot of benefits that come along with establishing your photography as a business. Being a legitimate business, whether you’re an LLC or just self-employed, can help you scale up.
You’ll appear more established to clients and therefore Cambodia phone Number they may be willing to pay higher rates. Plus, when your photography isn’t a hobby, you can deduct more of your expenses. Now let’s dive in and look at what you need to know to file taxes as a photographer.
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Check the IRS website Cambodia phone Number for details on the deadlines for quarterly tax payments. How do you know if you need to make payments? You’re required to make estimated tax payments each quarter if your tax liability for the year will be $1,000 or more. If your income from your photography business is more than $400 in a year, you’ll also have to file an annual tax return. Honestly, as someone receiving untaxed income, you should just plan on paying Cambodia phone Number quarterly tax estimates. It’s a great way to protect yourself from IRS fees. How Much Should I Pay Each Quarter? You can use the IRS Form 1040-ES to determine how much you should pay each quarter. Think of the form more like a worksheet.
It helps you move step-by-step to Cambodia phone Number break your expected income for the year down into your four quarterly tax payments. The form will also tell you how and when you can pay your quarterly taxes.