We'll proactively communicate with you about your bookkeeping updates. If you're a photographer with urgent queries, you won’t have to wait long for an answer. Our team will respond to you within one business day or less.
Here at Bench Accounting, we understand the importance of precise bookkeeping in your photography business. Our platform is designed to streamline data entries from the majority of major providers, thus helping you sidestep frequent errors. We've partnered with industry giants such as Gusto, Stripe, Shopify, and Square. This ensures that your financial data, like client invoices and equipment expenses, is always spot on. Our dedication to accuracy lets you focus more on capturing perfect moments, and less on numbers.
Say goodbye to mounds of receipts and tedious manual tracking - we automate inputs directly from your linked accounts. Get insights from one central dashboard designed for photographers, making it a breeze to understand the financial health of your photography business and make informed strategic decisions.
DR. BUKKY KOLAWOLE
As a freelance photographer, you should be tracking a wide variety of expenses for tax purposes. These can include:
- Equipment expenses: Cameras, lenses, tripods, lighting equipment, computer hardware, software, and any other photography-specific equipment.
- Travel expenses: If you travel for your shoots, you can deduct transportation, meals, and lodging expenses.
- Home office expenses: If you have a dedicated workspace in your home, you may be able to deduct a portion of your housing expenses, such as rent or mortgage, utilities, and internet service.
- Marketing and advertising: Expenses related to website maintenance, business cards, portfolio prints, and any costs associated with marketing your photography business.
- Insurance, licenses, and fees: If you pay for liability insurance, licensing fees, or professional association memberships related to your photography business, these are also deductible.
It's important to keep detailed records of all these expenses as they can significantly lower your taxable income.
Managing income from different sources can be tricky, but with a proper system, you can easily track and account for your earnings. Start by setting up separate accounts for each income source such as print sales, commissioned works, or photography classes. With each income you get, record it in the respective account. This will not only simplify your income tracking, but also make it easy to analyze your revenue streams. For more detailed guidance, consider hiring a professional bookkeeping service like Bench Accounting to ensure accuracy and compliance.
As a professional photographer, there are many specific deductions and tax benefits available to you. These may include expenses for professional equipment, costs for photo editing software, office or studio rent, insurance, marketing costs, travel expenses, and even photography-oriented education or workshops. However, tax regulations can vary by location and individual circumstances, so it's wise to consult with a professional bookkeeper to make sure you're maximizing your tax advantages. At Bench, our dedicated bookkeepers can assist with this and make sure your financials are in order.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.