Prettym1k3 Offline Upload & Sell: Off
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Nothing to hide here.
I'm a sole proprietor who is having his LLC docs. drafted up by an attorney as we speak. Should be getting my EIN number next week.
Made 96k last year (not including sales tax).
Had $20k in expenses.
Had another $4-5k in mileage write offs (drove about 9,000 miles).
We set aside $31k for taxes, just to play it save. Kinda' a forced savings account. But we have day jobs so we usually get bumped into a much higher tax bracket with the photography income.
96k - 20k expenses - 31k set aside for taxes left us with about 45k for things like childcare, vacation, home upgrades, car parts for me, surgery for my wife, etc.
I tell people, if they ask what I make, "Take whatever number you hear from my mouth, and cut it in half. That's what I make. Running your own business is expensive. Self employment taxes suck.
I anticipate 2014 to be a little lower, because last year we took many of our bookings in that year, so payments in full weren't spread out to 50% the prior year for retainer, and 50% the year of for final payment. 100% of the payments were in that year.
Although, we did take our pricing up a little, and are looking good for 2014, and have started to book for 2015.
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