![]() ![]() Even batteries, memory cards, tripods, sliders, and stabilizers are deductible as long as they are being justifiably used for your business. Or maybe you purchased new sound equipment from Sweetwater? Deduction. Did you go to B&H Photo and purchase new lenses for that camera? Maybe a penguin case? ND filters? Those are deductions. Did you purchase a new camera this year? That’s a deduction. Film & Video Production EquipmentĮvery piece of equipment that you purchase for your work is a deduction during tax season. Just make sure you give your transaction invoices to your CPA in Quickbooks or physical form. Your Adobe Creative Cloud subscription is a great example of software that’s deductible. It’s not just hardware that can be deducted software is eligible too. Your CPA will be able to give you a more concrete idea of what those numbers are. If you’re using the computer for business and personal, that changes how much of the purchase price you can deduct. If you use that new computer solely for work, then you can claim the entire purchase price, but only by using a Section 179 Deduction. If you purchased a new computer this year, it’s deductible – with some conditions. You just have to be able to justify the purchase and its use in your daily business. Tool kits, dry erase boards and markers, gaffer tape, etc. Small ItemsĪny small item that you spend money on for daily production tasks is something you can deduct. Now let’s look at some easy ways that deductions can save you some money. That point is going to come up a lot as we move forward. Be sure that you can justify your deductions. Image from Shutterstock Deductions for Filmmakers and VideographersĪs we explore these possible tax deductions for filmmakers and videographers, keep in mind that you could end up audited. Hiring a CPA will help you save some money in the long run. ![]() You’re going to need help navigating the ins and outs of what can be deducted and what can’t. Speaking of CPAs… H ire a Certified Public Accountant At the end of the year, all I have to do it send the Quickbooks documentation to my CPA so she can prepare my taxes for filing. ![]() Then I tie Quickbooks to my bank account to consolidate all of my records into one place. I’ve found that utilizing assets such as Square to send invoices and run credit cards really helps me keep my records tight. Keep your records in order and set aside a percentage of every dollar you earn for self-employment tax. Let’s kick this off with two pieces of very important advice… Keep Immaculate Records It will likely save you money!īefore we begin: We’re not Certified Public Accountants, so be sure to consult a CPA to find out exactly what tax write-offs work best for you. Make tax season a little less painful with these tax deductions for filmmakers and videographers. ![]()
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