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What Your Photography Business Owes the IRS (And How to Stop Being Surprised Every April)
Business & Finance

What Your Photography Business Owes the IRS (And How to Stop Being Surprised Every April)

Every January, I pull up my studio’s numbers and run the same calculation my accountant husband walked me through years ago: take my net profit, multiply it by 0.9235, then multiply that by 0.153. That’s my self-employment tax liability before I even touch federal income tax. If I hadn’t started doing this math quarterly, I would have written a check to the IRS every April that physically hurt. A lot of photographers I know are still writing that check.

What Your Photography Business Owes the IRS (And How to Keep More of What You Earn)
Business & Finance

What Your Photography Business Owes the IRS (And How to Keep More of What You Earn)

Every January, I pull up my accounting software and run the same report. Revenue, expenses, net profit, tax liability. I’ve been doing this for years, and I still find photographers in my workshops who have never once looked at that last number before April. They’re shocked when they owe $4,000 or $6,000 to the IRS with two weeks’ notice and nothing set aside to cover it. That’s not a tax problem.