Bookkeeping and Accounting for Photographers

As a freelance photographer, you should be tracking a wide variety of expenses for tax purposes. These can include:

• Equipment expenses: Cameras, lenses, tripods, lighting equipment, computer hardware, software, and any other photography-specific equipment.
• Travel expenses: If you travel for your shoots, you can deduct transportation, meals, and lodging expenses.
• Home office expenses: If you have a dedicated workspace in your home, you may be able to deduct a portion of your housing expenses, such as rent or mortgage, utilities, and internet service.
• Marketing and advertising: Expenses related to website maintenance, business cards, portfolio prints, and any costs associated with marketing your photography business.
• Insurance, licenses, and fees: If you pay for liability insurance, licensing fees, or professional association memberships related to your photography business, these are also deductible.

It's important to keep detailed records of all these expenses as they can significantly lower your taxable income.

Managing income from different sources can be tricky, but with a proper system, you can easily track and account for your earnings. Start by setting up separate accounts for each income source such as print sales, commissioned works, or photography classes. With each income you get, record it in the respective account. This will not only simplify your income tracking, but also make it easy to analyze your revenue streams. For more detailed guidance, consider hiring a professional bookkeeping service like Bench Accounting to ensure accuracy and compliance.

As a professional photographer, there are many specific deductions and tax benefits available to you. These may include expenses for professional equipment, costs for photo editing software, office or studio rent, insurance, marketing costs, travel expenses, and even photography-oriented education or workshops. However, tax regulations can vary by location and individual circumstances, so it's wise to consult with a professional bookkeeper to make sure you're maximizing your tax advantages. At Bench, our dedicated bookkeepers can assist with this and make sure your financials are in order.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.