If you are a photographer (or small business owner) in the US who either owns or is looking to start a business, I would highly recommend this book. It is a plain English way to educate yourself about what tax deductions are, and whether or not you qualify. Its not a boring accountant type book either. I appreciate the clear, real life examples, as well as the tax law references. The hints, tips and real life rules are extremely valuable.
The opening of the book struck a cord with me: The IRS will never complain when you pay more taxes than you actually should, they will gladly accept your money and not think twice about it. This is more often than not the case. (What I am saying is, if you own a legitimate business and are not aware of the tax deductions available to you, you are paying more in taxes than you are legally required to).
On the other hand, there are a lot of myths about what a deduction is, what it can be worth or how one becomes eligible for one. Sometimes hobbyists try to pass their “passion” off as a business, claim unsupported deductions and when they get audited discover they didn’t understand the law and owe back taxes with penalties.
I think this book was like $25- a great investment, which if you learn the principles will pay for itself hundreds, if not thousands of times over. Its absolutely worth your time (and money) to educate yourself about what tax deductions are and how you can qualify.
Thanks so much Michael! Based on our NY training course in July (I learned so much), I just established my business and this will help me answer the many questions I have on what I can and can’t do. I will order today. Your timing is impeccable! =)
awesome, thanks michael!!
cant wait to get my hands on it