So, I decided to layout an excel spreadsheet this year and write down every bit of money I take in and what I payout to see exactly how I do in the 2008 calendar year. I'd welcome any suggestions, I just decided to actually do this about 5 minutes ago, so I'm sure I'm forgetting something.

What I'm including...

Taking In:

• Equipment sales**
• Publication payments
• Contest payments
• Print/Post card sales
• Anything else that MAKES money strictly via my photos

Paying out:

• All Equipment purchases
• Contest entry costs
• Costs for things like CDs, Envelopes, Postage, etc.
• Printing, matting, framing costs
• Location entry fees (if they're strictly for photography, NPs don't count because I absolutely love them with/without a camera)

**Only applicable if I bought the item after 1/1/08.

Note: I'm not including EVERYTHING. I should be including gas, wear and tear on vehicles, non-photo gear needed, food, camping costs, etc.

Basically, I want a good idea of where I'm at financially with my photography. Maybe I'll do a more serious list in 2009.

Anyone else do anything like this? I'd love to have a few people do it and discuss how we all did/what we could fix for 2009.

I think thats a pretty good idea. If I ever was making money it'd be ncie to know how much, then you can gauge if its worth buying something you've been lusting after.

Originally Posted by thechickencow

I think thats a pretty good idea. If I ever was making money it'd be ncie to know how much, then you can gauge if its worth buying something you've been lusting after.

Well, that and to gauge just how much you're making from all the effort/work, when you're getting the most print orders or sales, and being able to compare future years to past ones to see what kind of increase you're seeing.

With all the gear I purchased in 2007, I definitely lost money overall. But now that my equipment is mostly set, it's time to see what I can do in a year.

I do something similar for my wedding work.

I have something similar, but I've just got income and expenses. There's not much in the income column. It's handy to keep track of that info.
Reed

Originally Posted by DrDRum

When you do you taxes, you need your expenses in the following...IIRC (I think)

Equipment
Milage
Lodging/Food
...and more.

I forget the others, but I'll ask my accountant in a few weeks.
I bring a spreadsheet with everything, and he always asks me...so I have to re'org to give him the categories...

I'll post back after I get mine done mid Feb.

DRum

I don't list photo stuff on taxes yet, that's part of why I'm doing the spreadsheet. To see if I should start...

But thanks for the info, always appreciated.

I started the taxes last night and am forced to claim my photography income on my taxes this year. So i am in the process of researching my state tax laws to see if I will be able to claim any of my equipment purchases/assets as losses since I am not a registered business. I know sole proprieter no employee businesses have a little leeway with that but if I claim assets i'm thinking it will raise a red flag if i'm not collecting state sales tax . . . I guess it comes with the territory!