With the end of the year upon us, it’s time to start thinking about getting your records together for the tax man.
In the USA, you can deduct certain business expenses to reduce your tax obligation.
Camera gear comes to mind. This MAY be the excuse you’ve needed to get your spouse to go along with that new camera body or lens 🙂
So how does it work? Let me be clear. I am not an accountant. I am going to tell you what my accountant tells me to do. Then you should check with your own.
The gist of it is simple. Gear that lasts more than a year can be depreciated each year or in one lump sum. You will probably need to file a Schedule C if you want to write it off in one lump sum.
In my case, looking at my income this year, I can either pay tax or get new gear and take a deduction. It’s a no brainer. Time to buy some super fast glass for my hybrid cameras!