I am looking into starting a new business for photography and wanted to see if theres a clearly defined list if things I can write off for it. I'm assuming I won't make any money for a while either so can I apply those writeoffs to my spouses income?
Any pointers would be heartily appreciated!!
Even if you have a home office you can actually write of the fraction / percentage of floorspace you are using for your office and gear storage. Make sure to keep a mileage log of photography related trips on your car. Photography books and magazine subscriptions can be written off. Expenses related to "testing" or "photography development" can also be written off. Computer gear can actually be written off for multiple years, best to consult an accountant on that one.
If you do an LLC or sole propretiership, and you and your spouse file jointly then yes those write offs would be applicable to her income.
Business Income - expenses = what you pay taxes on.
If you spend more then you make then those would be losses, I think you can only lose money for 3 years though.
Business related client entertainment/meals (1/2 deductible)
Car travel - 51 cents a mile
Any legit business expense.
Just make sure to have separate bank accounts and don't co-mingle stuff. Also not a bad idea to seek some advice from a CPA
Use something like waveaccounting.com
For free online accounting
Freshbooks.com for invoicing
Good luck, but don't plan to not being profitable. Get out there and Rock It! Make money, think successful, be successful!