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Seconds:

1:11:23 Duration

Tax and Money for Photographers

It’s one of the easiest subjects to avoid and yet if you want to be in business it’s unavoidable. Taxes, paying tax, and saving for tax gave me great pain in the startup years of my small business. But trust me it doesn’t have too. I simply hated dealing with, felt stupid, wasn’t managing money, and didn’t understand any of it.

Let me break it down and take the fear away. I always teach “Any area you are disempowered someone or something will over power you.” I was very disempowered around money. I have since learned how to receive money, manage money, and I truly enjoy paying taxes because it means I am making a profit.

I can teach you how I did this. It’s no different than learning a new sales technique, or learning lighting. Once you apply yourself to the money area of your business it will help you grow, sustain and free you from money pain and worry.



16 Comments

  1. Is sales tax included in the 33%? Is the 33% saved for tax your income tax as well or do you have to pay tax on the 33% that you paid yourself? Should you pay taxes quarterly and how do you do it or should it be done yearly?

  2. 17 minutes in.. lol… the second you mentioned claiming portions of things between personal and business I felt confused, stupid and incapable… I got nauseous and literally wanted to gag.. hahaha… my brain instantaneously shorted out and I was in panic mode. WHY? haha!! I haven’t even opened a business yet. I’m learning thru your lectures and videos. This is what scares me more than any other part of being in business as a photographer. I can do anything else with ease! I am confident there. Craziness. LOL

  3. This was a fantastic video. This past week I had discovered our CPA filed our personal returns but not our corporate taxes. Our second CPA who tried to rectify the issue also made very simple mistakes. Needless to say, your best teacher was your last mistake. I will be learning all there is to know about taxes so we are never in this situation again. It can only go up from here. It is encouraging to know that you have also had problems with the IRS. Thank you for sharing your knowledge 🙂 Now time to watch the other money videos!

  4. I’m interested in knowing how factoring our other job into this would work.. Still divide it the three different ways to each account as well as our sales we make from our shoots? Hmm.

  5. I have a question for Kathy: I am a licensed cosmetologist who has been providing all hair and makeup for every client, since day 1. I have been training an evangelist to become my assistant. She is able to perform hair and makeup services, in my state, as long as she abides by OSHA and DBPR standards, under my supervision. My question is this- I am providing an extensive hair and makeup kit, for her use, in my studio. Therefore, she does not have any cost of goods, but I do. Will that impact my 1099, for her?