Maximizing Your Money With Photography Tax Deduction Strategies
Time Investment: 6 minutes
Suggested Product: BizRevamp®
As some of you may have seen from past emails or social media posts, I've been on a kick to scratch things off my bucket list. A few of those are marathons and triathlons.
What are you thinking, Rachel? I concur, friend.
However, I have committed to checking a few of these items off my list. So I’ve been out pounding the pavement this year. Well as few weeks ago I had to have throat surgery, which put a huge kink into training. Making it doubly hard.
With two large races facing me down, I went out running with Friend tonight. Normally this is great because we just mess around talking while we run and time flies by. But tonight, it was a completely different story. We both were mentally drained from work and home lives. At the end, we were complaining to one another about our time and distance.
We both knew full well that it was all of our faults. We could’ve tried harder, but we didn’t.
But I drove home really disappointed, and all I could think was “this weekend is going to hurt.” And it will. Because I’m not prepared enough for one of my races. That isn’t going to stop me, but it won’t be pretty.
As I pulled into my driveway, I got a text from Friend that simply said “Listen to us complaining about our times. The positive is that we are accountable to ourselves first and each other. That’s actually pretty awesome. We know we can do better and demand that from ourselves.”
In true Rachel Brenke fashion, I thought to myself how applicable this is to business. One of these areas is strategy. I see many of you set out to get things done. Your pricing is right. Marketing plans are in place. Social media is on point. But without any real set strategies and goals, we get to a point to where we regret that we didn’t try harder. Or do something different. If only we had done X instead of Y.
One of the biggest complaints I get from y’all as we round the end-of-year is wishing you had made more money. I always hear this paired with the statement of “I should raise my prices.” However, at this point it may just be too late for the year. You’ve already done the majority of sessions that you will have. It’s too late to cut expenses or raise your prices. But you still want to maximize your profit, right?
Surprisingly enough, this can be done through tax deduction strategies.
Boo-hiss Rachel, I was with you until now. Sorry dude, we gotta talk about this.
Tax deduction strategies begin before the year comes to a close. I believe in squeezing out every dollar because it is given to you by tax law. The running example at the top was a good coincidence but my plan to talk to you about deduction strategies isn’t. There is a reason I’m swooping in now. Let’s see what tax deductions we can still salvage for this year and set you up to maximize next year.
I want you to be smart wrapping up this year, especially with deal shopping around the corner. Be smart, max that money because you’ve earned it!