Upload & Sell: Off
We have a lot of right offs. Which definitely helps. We drive a lot. That helps. We document every little bit of food we buy, mileage we drive, and money we spend. Everything helps. Uncle Sam wants his piece. I do my part to keep what's mine.
We allocate about 25% to income taxes. It's usually not that high, but I figure better safe than sorry. Another 10% for keeping the business running (SmugMug, BigFolio, dinners/coffee with clients). Another 10% for equipment (new equipment, repairs, batteries, etc.). Another 5% we tithe with our church because that's what we do. I can expand on this if you really care.
In other words, about 45% we set aside for taxes and business expenses. 55% we keep. I expect this to change drastically in 2013 as our business expenses have leveled off, we don't need any equipment, etc.
We collect sales tax as well on all shoots that have sales tax as applicable, and pay quarterly in California.
Edited on Nov 06, 2012 at 06:18 PM · View previous versions