What can i write off on my taxes as freelance filmer?
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Working as a freelance filmer gives you the chance to set your own schedule and get involved with the projects that you want to participate in. Working in this capacity also gives you access to several tax write offs and breaks that have the potential to lower your taxable income significantly.
Depreciating Equipment
When you work as a photographer or cameraman, the Internal Revenue Service gives you the opportunity to deduct depreciation on your equipment. Much of the equipment that you have to buy is expensive and depreciation gives you the opportunity to get back the initial purchase price over time. Appreciation helps compensate you for the loss of useful life of the equipment over a specific period of time. Each piece of equipment has a different useful life, according to the IRS.
Marketing Expenses
In order for you to get work, you may need to advertise your business. When you advertise, the IRS allows you to deduct these expenses on your tax return. For example, if you pay for ad space in an industry magazine for film professionals, the cost of the ad is tax-deductible. Any costs associated with getting business can be tax deductible.
Travel Expenses
When working as a photographer or cameraman, a big part of your job may be traveling to jobs. The Internal Revenue Service allows you to deduct many of the expenses that you incur during this process. For example, you can deduct all of the lodging, food and entertainment expenses that are directly related with your business travel. If you drive a car for your business, the IRS also lets you deduct a certain amount per mile driven for business purposes.
Business Costs
When you work in this industry, you may also incur several other business costs. For example, if you pay for an office, you get to deduct the rent payment, utilities, property taxes and insurance. Subscriptions to associations, periodicals and software area also deductible. Business supplies are deductible in the year in which they are purchased. For example, when you buy film or ink for your printer, the IRS lets you deduct the amount of the purchases.
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