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[OM] Re: Stock photography, episode 482

Subject: [OM] Re: Stock photography, episode 482
From: "Darin" <d.rhein@xxxxxxxxxxx>
Date: Thu, 26 Jan 2006 01:51:55 -0800
Thanks for the input Scott, it's pretty much what I was thinking as well.

Darin

----- Original Message ----- 
From: "Scott Gomez" <scott@xxxxxxxxxxxxxxxxxxxxxxxxxx>
To: <olympus@xxxxxxxxxx>
Sent: Wednesday, January 25, 2006 9:12 AM
Subject: [OM] Re: Stock photography, episode 482


>
> IANATA (I Am Not A Tax Accountant) but I suspect any income from sale of
> prints would mean you've got to file at least a Schedule C, as you're
> running what amounts to a sole proprietorship as far as the IRS is
> concerned. It's possible that you could just get away with "hobby
> income" if the amounts were small, and especially if you keep your day
> job.
>
> I'd assume that the safer route would be Schedule C (which almost
> invariably requires the long form filing). Could be advantages in
> Schedule C filing, anyway, as then you get to also deduct lotsa things
> that go to produce the income.
>
> Short form or long form, both are fairly trivial with decent tax
> software.
>
> Either way, I'd speak with a tax person in order to find out for sure.
>
> ---
> Scott Gomez
>
> -----Original Message-----
> From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On
> Behalf Of Darin
> Subject: [OM] Re: Stock photography, episode 482
>
> I'm in the U.S. I'm just trying to figure out how any income I make from
> this will effect how I file my taxes. I guess what I really want to know
> is, if I have income from photography, can I still file short form? I
> realize you're probably not an accountant, but thought you may be able
> to provide some advice or point me in the right direction to figure this
> out.
>
> Thanks again,
> Darin
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