Tax Deductions for Storm Chasing?

[Wayne Sclesky]

I was wondering who claims deductions for storm chasing and if anyone has tips regarding the deductions. I am a professional photographer shooting mainly fashion and beauty, but am planning on writing off mileage and costs this year for chasing.

As anyone been questioned by the IRS regarding the great miles driven and deducted while chasing? For me I can sell images as stock, so I don't think I will have any trouble justifying expenses. Thanks for any advice or insight you might have!

[Broken External Image]:http://www.sclesky.com/landscapes/mammatus01.jpg

 

[cedwards]

I am no tax lawyer. (far from it) but if you are chasing as a business, you should have no problem deducting expenses. If it is just a hobbie and you make a little on the side, but don't ever expect a profit. I don't thing you can claim deduction.

BTW nice picture.

 

[Doug Raflik]

Wayne. I do the same thing as you. I asked my tax accountant this question. He says they look at the overall income to expense ratio and not piece by piece. If you take in 30,000 for photography, and are spending 5 thousand on chasing expenses, it will not matter. However if you are claiming 6000 income, and spent 4000 on chasing and another 1000 on photo expenses... then I would worry. You just need to be able to show you actually HAVE pictures that are available to sell, or be sold.

Doug Raflik
[email protected]
http://www.wxnut.net

 

[Tim Vasquez]

Go for it. Treat your chasing as a workday and write off everything, except of course half of meals. The deductions are there for you to use, and the smallest fledgling businesses are entitled to them. As others have mentioned, you're more likely to get audited if your expenses exceed your business income (as shown on Schedule C), which is nothing to worry about as tons of businesses lose money anyway. As long as your business is legit and you're diligent about keeping records and receipts, you're ok.

Tim

 

[Wayne Sclesky]

Thanks for the input

Thank you everyone for the input. The business and tax sides are my weak points in my business that I am putting alot of effort into learning. So the input is appreciated. Storm chasing is how I actually got started in photography. It was my last year in college where I got a B.S. in biology and psychology. A severe storm had just come through the college town I was in. I had traded some stereo speakers for a camera. Me and my roommate, for whatever reason thought we would go take pictures of the storm. Below is one of the shots I got with this point and shoot camera. It ignited a fire within!

[Broken External Image]:http://www.sclesky.com/landscapes/rainshaft.jpg