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

What Your Photography Business Owes the IRS (And How to Stop Being Surprised by It)

Every January, I pull up my studio’s P&L from the previous year and go line by line. It’s a habit my accountant husband started for me years ago, and it changed how I run everything. The first time we did it together, he pointed at my boudoir sessions and said, “You know this is your highest-margin work, right?” I had no idea. I had been pouring energy into family portraits because they felt more prestigious, while quietly leaving money on the table.

What the IRS Sees When You Run a Photography Business (And How to Make It Work for You)
Business & Finance

What the IRS Sees When You Run a Photography Business (And How to Make It Work for You)

Every January, I pull up my accounting software and run the same report I’ve been running for seven years. Revenue by client type, expenses by category, net profit by quarter. My husband, who is a CPA, looked over my shoulder one evening a few years ago and pointed at a number I had been ignoring. My product sales, the albums and wall prints I was half-heartedly offering, were generating a 68% profit margin.

What the IRS Expects From Your Photography Business (And What Most Photographers Get Wrong)
Business & Finance

What the IRS Expects From Your Photography Business (And What Most Photographers Get Wrong)

Every January, my inbox fills up with panicked messages from photographers who just got their first big year behind them and have no idea what to do with it. They made real money. They booked real clients. And now they’re staring at a bank account that looks healthy but will soon take a serious hit because nobody told them how to prepare for it. I’ve been running my portrait studio in Miami for over a decade, and I still remember the first year I crossed $80,000 in revenue.

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.