Tax Deducatible Expenses for Video/Film/Media Creators

Tax Deductions for your business

Here is a list of categories to organize for your tax deductions. Using an online accounting system like Freshbooks or Quickbooks is a great way to keep this easy for yourself! You can scan in receipts and track things with memos. Accept Credit cards and offer a way for clients to pay online. 

Hooking into your bank account is a great way to track revenue coming in as well. I use my debit card so I can easily assign vendors to specific categories so my reconciliation is easy and fast. 

This list is a typical expenses incurred by Video professionals such as  vBloggers, videographers, freelancers, animators and independent film makers. 

  • Advertising & Promotion expenses 
  • Books, magazines, reference material
  • Business gifts
  • Business insurance
  • Business meals - take a pic of the receipts and write down who you met with  and what you discussed. 
  • Cabs, subways, buses 
  • Cultural events
  • Distribution costs
  • Equipment
  • Gas and electric
  • Internet access +web site hosting
  • Legal and professional fees
  • Location costs
  • Memberships (professional organizations)
  • Messengers, private mail carriers, postage
  • Mortgage interest/taxes
  • Office supplies
  • Production costs
  • Staff wages or 1099's
  • Studio rent ( or % of your rent/mortgage)
  • Studio supplies
  • Software 
    • Accounting software
    • Office Sofware such as Microsoft office
    • Adobe software - Creative suite 
    • Antivirus
    • Other Editing software 
  • Supplies
  • Tax preparation
  • Telephone
  • Travel
  • Training
ENTER IN THE DEADLINES FOR FILING ON YOUR CALENDAR!

April 15th comes around pretty quickly! You may want to get your taxes done early for peace of mind especially if you are in the middle of traveling or doing gigs.

If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.

These are the DEADLINES you should enter into your calendar! 

  •  April 12- To  get your Quarterly Estimated Tax Payments Outlined and Ready.
  • April 15– Deadline to file taxes, 1st Quarter Estimated Tax Payment Due 
  • June 12– Get your 2nd Quarter Estimated Tax Payment Outlined and Ready!
  • June 15– 2nd Quarter Estimated Tax Payment Due
  • September 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!
  • September 15th – 3rd Quarter  Estimated Tax Payment Due
  • October 15 – Deadline for extended filing, if you submit Form 4868
  • January 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!
  • January 15– 4th Quarter  Estimated Tax Payment Due -
  • **Make sure to postmark all your mailings on or before the deadline and get delivery confirmation! ( this has saved me in more cases than once! IRS always ends up losing paperwork and it is worth the few extra dollars vs paying fines!)


Other Resources:

It’s a good idea to get your taxes done early for peace of mind and to free up your schedule for those last minute gigs, but know that you have until April 17th to file. If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.

Here are the dates you need to keep an eye on:

  • April 17th – Deadline to file taxes, 1st Quarter Estimated Tax Payment Due
  • June 15th – 2nd Quarter 2018 Estimated Tax Payment Due
  • September 17th – 3rd Quarter 2018 Estimated Tax Payment Due
  • October 15th – Deadline for extended filing, if you submit Form 4868
  • January 15h – 4th Quarter 2018 Estimated Tax Payment Due

_

Remember that your gear rentals are taxable

Income earned from renting out your gear or space is taxable. If your earnings exceed $600 in a given calendar year, we will ask you for certain information and you will receive a 1099 form from KitSplit that year. There might be deductions you can take against this income, such as depreciation.

Did you know that sales tax is required on most rentals in New York and California? Yeah it’s a pain, but it’s important and will be way more painful if you get audited.  KitSplit actually eliminates that pain by calculating and collecting sales tax on your behalf. So rest assured that when you’re renting gear with KitSplit you’ll always get a thumbs up from the IRS.

_

Other Resources:

Don't forget you can depreciate your equipment over 5 years. I would put your receipts and warranty info in a nice folder/binder. This makes it easy for you  to refer back to items . I now take pictures of all receipts as well and upload them to quickbooks for easy access 🙂 

Hope this helps!

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

About the author

Ayda Walsh

My passion is sharing my knowledge, skills and experience with those who may benefit from them. My website is always a work in progress...


>

Tax Deducatible Expenses for Video/Film/Media Creators

Tax Deductions for your business

Here is a list of categories to organize for your tax deductions. Using an online accounting system like Freshbooks or Quickbooks is a great way to keep this easy for yourself! You can scan in receipts and track things with memos. Accept Credit cards and offer a way for clients to pay online. 

Hooking into your bank account is a great way to track revenue coming in as well. I use my debit card so I can easily assign vendors to specific categories so my reconciliation is easy and fast. 

This list is a typical expenses incurred by Video professionals such as  vBloggers, videographers, freelancers, animators and independent film makers. 

  • Advertising & Promotion expenses 
  • Books, magazines, reference material
  • Business gifts
  • Business insurance
  • Business meals - take a pic of the receipts and write down who you met with  and what you discussed. 
  • Cabs, subways, buses 
  • Cultural events
  • Distribution costs
  • Equipment
  • Gas and electric
  • Internet access +web site hosting
  • Legal and professional fees
  • Location costs
  • Memberships (professional organizations)
  • Messengers, private mail carriers, postage
  • Mortgage interest/taxes
  • Office supplies
  • Production costs
  • Staff wages or 1099's
  • Studio rent ( or % of your rent/mortgage)
  • Studio supplies
  • Software 
    • Accounting software
    • Office Sofware such as Microsoft office
    • Adobe software - Creative suite 
    • Antivirus
    • Other Editing software 
  • Supplies
  • Tax preparation
  • Telephone
  • Travel
  • Training
ENTER IN THE DEADLINES FOR FILING ON YOUR CALENDAR!

April 15th comes around pretty quickly! You may want to get your taxes done early for peace of mind especially if you are in the middle of traveling or doing gigs.

If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.

These are the DEADLINES you should enter into your calendar! 

  •  April 12- To  get your Quarterly Estimated Tax Payments Outlined and Ready.
  • April 15– Deadline to file taxes, 1st Quarter Estimated Tax Payment Due 
  • June 12– Get your 2nd Quarter Estimated Tax Payment Outlined and Ready!
  • June 15– 2nd Quarter Estimated Tax Payment Due
  • September 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!
  • September 15th – 3rd Quarter  Estimated Tax Payment Due
  • October 15 – Deadline for extended filing, if you submit Form 4868
  • January 12– Get your 3nd Quarter Estimated Tax Payment Outlined and Ready!
  • January 15– 4th Quarter  Estimated Tax Payment Due -
  • **Make sure to postmark all your mailings on or before the deadline and get delivery confirmation! ( this has saved me in more cases than once! IRS always ends up losing paperwork and it is worth the few extra dollars vs paying fines!)


Other Resources:

It’s a good idea to get your taxes done early for peace of mind and to free up your schedule for those last minute gigs, but know that you have until April 17th to file. If you need more time to gather your information, you can submit a Form 4868 to extend until October 15th with no penalty. Note that the Form 4868 does not extend the deadline to actually pay your taxes, so you’ll still have to pay your taxes (or a close estimate), but can put off doing all of the detailed paperwork. If you’re unable to pay the full amount that you owe, the IRS offers some payment plan options such as an installment agreement.

Here are the dates you need to keep an eye on:

  • April 17th – Deadline to file taxes, 1st Quarter Estimated Tax Payment Due
  • June 15th – 2nd Quarter 2018 Estimated Tax Payment Due
  • September 17th – 3rd Quarter 2018 Estimated Tax Payment Due
  • October 15th – Deadline for extended filing, if you submit Form 4868
  • January 15h – 4th Quarter 2018 Estimated Tax Payment Due

_

Remember that your gear rentals are taxable

Income earned from renting out your gear or space is taxable. If your earnings exceed $600 in a given calendar year, we will ask you for certain information and you will receive a 1099 form from KitSplit that year. There might be deductions you can take against this income, such as depreciation.

Did you know that sales tax is required on most rentals in New York and California? Yeah it’s a pain, but it’s important and will be way more painful if you get audited.  KitSplit actually eliminates that pain by calculating and collecting sales tax on your behalf. So rest assured that when you’re renting gear with KitSplit you’ll always get a thumbs up from the IRS.

_

Other Resources:

Don't forget you can depreciate your equipment over 5 years. I would put your receipts and warranty info in a nice folder/binder. This makes it easy for you  to refer back to items . I now take pictures of all receipts as well and upload them to quickbooks for easy access 🙂 

Hope this helps!

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

About the author

Ayda Walsh

My passion is sharing my knowledge, skills and experience with those who may benefit from them. My website is always a work in progress...


Latest posts