Photography as a business
This is the only forum where this seems even remotely appropriate.....
I am considering turning my 'hobby' of 30+ years into a business. I would love to be able to write off a lot of the expenditures I make, trips I take, darkroom space, vehicle usage, etc. I am sure I can generate income from print sales and show a profit, but not necessarily every year. Certainly the first few years would be profitless.
Has anyone done this? (silly question, I know). How many years must I show a profit before the IRS thinks I'm just trying to bilk them?
I have pursused the SBA and IRS sites.
Are you incorporated or are you a sole proprieter, LLC, etc? Do you have a professional accountatn do your bookeeping and tax filing or do you do it yourself? I have a BBA in accounting wo that end doesn't worry me, but I am not up on the tax laws. I have looked thru Schedule C and it looks simple enough.
Can anyrcommend a good book on starting up a small business like this. I would have no employees.