Get Free Tips

Studio Ownership

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.