What is the name of your state? Illinois
I just started a new photography business (2005) and am in the process of getting my business license (putting the assumed name in the paper for 3 weeks). Last year I made a hundred dollars or so by taking pictures for friends and family.... although the business was not legally setup. In the past several years, I have been accumulating quite a bit of equipment (maybe around $6000 or so... I have all receipts) but have not claimed any type of deduction for the purchases of cameras, lenses, tripod, lighting equipment, etc... Can I claim and if so, how do I claim past purchases for 2004 or 2005? Am I limited in the amount that I can claim (ie up to the amount that I made in 2004... about $100)? Any advice would be much appreciated. I will seek the advice of a CPA for next years taxes after I change my business to an LLC.
I just started a new photography business (2005) and am in the process of getting my business license (putting the assumed name in the paper for 3 weeks). Last year I made a hundred dollars or so by taking pictures for friends and family.... although the business was not legally setup. In the past several years, I have been accumulating quite a bit of equipment (maybe around $6000 or so... I have all receipts) but have not claimed any type of deduction for the purchases of cameras, lenses, tripod, lighting equipment, etc... Can I claim and if so, how do I claim past purchases for 2004 or 2005? Am I limited in the amount that I can claim (ie up to the amount that I made in 2004... about $100)? Any advice would be much appreciated. I will seek the advice of a CPA for next years taxes after I change my business to an LLC.