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Freelance Photographer in New York
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Self Employed Freelance photographer Taxes
These SE taxes are used to pay:
- Federal Income tax
- State income tax
- Self-employment taxes
- Social security
- Medicaid/medicare
Apart from these above-mentioned taxes, freelancers and self-employed workers also have to pay for:
- Capital gains taxes: both short term and long term gains
- AMT or Alternative Minimum Taxes for those earning over $100k annually
According to the IRS, self-employed workers who earn less than $400 annually don’t have to pay the Self Employment tax.
Moreover, the New York self employment tax is considered a Tax deduction for freelance photographers in New York. Although the tax is charged on a taxpayer’s business profit, the IRS counts the "employer" half of the self-employment tax, or 7.65% (calculated as half of 15.3%), as a business deduction for purposes of calculating the freelance photographer tax.
As a self-employed freelance photographer, you are required to file an annual return and pay estimated tax. Quarterly taxes for freelance photographers must be paid using Form 1040-ES if your Federal tax liability is over $1,000 for the year. To lower your tax liability, make sure to utilize the tax deductions for freelance photographers.
Tax rates for Freelance photographers in New York
New York’s top marginal income tax rate of 8.82% is one of the highest in the country, but very few taxpayers have to pay that amount. The state applies taxes progressively, where higher earners pay higher rates.
Moreover, New York City (NYC) also levies its income taxes, which means residents of the Big Apple pay some of the nation’s highest local rates
The following table represents the New York Income Tax Brackets and Rates:
Single Filer/Married filing separately
Married Filing Jointly
Head of household
NYC Tax Rates & Bracket
As mentioned above, New York City levies its own income tax rates, the following table represents New York City’s income tax rates and brackets:
Single Filer/Married filing separately
Married Filing Jointly
Head of household
Single Filer/Married filing separately
A single filer represents the person who is unmarried and does not qualify for any other filing status. Generally, the tax rates and brackets that apply to single filers also apply to individuals who are married but file their taxes separately.
Married Filing Jointly
Married filing jointly represents the tax filing status available to married couples who were married by 31st December of the tax year. Couples who file their taxes as Married Filing Jointly, get the most tax breaks.
Head of household
Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person (child, relative, boyfriend/girlfriend, or any dependent). The Head of Household filing status has some major tax advantages over the Single filing status such as a lower tax rate and a higher standard deduction.
Deductions & Credits
The following table represents the New York state tax standard deduction rate based on one’s filing status:
If you are dependent within the state of New York, you can claim a personal exemption of up to $1,000.
FlyFin’s New York Freelance Tax Calculator can help you figure out your tax liability with ease.
Personal exemption
According to the IRS, a personal exemption refers to an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.
Freelancers in New York
- New York have a freelance population of 600,000 and have a market cap of $26bn in 2019
- On an average freelancers spend 25 hour a week at their work in USA. 40% works fewer than 20 hours per week and 6% work more than 50 hour per week
- In the period from 2012-2017 revenue from freelance contractors has grown to 12% and number of freelancers have grown to 20%
600,000
Freelance
population
$26 bn
Revenue
Income
1.4% of the GDP
freelancers in 2019
independent
contractor
earn $44,520
Freelance
growth
Revenue
growth
- 34% of NYC’s workforce is freelancing.
- Nearly three of every ten (28%) dollars of New York’s $26 Billion in skilled independent revenues comes from outside the metro area and therefore contribute $7.3 Billion to its economic base.
Freelance photographer Tax Deduction in New York | FlyFin
The following represents some of the top tax deductions for Freelance photographers in New York
Photography equipment
As a photographer, any photography-related equipment such as cameras, lenses, tripods, etc., are deductible
Creative and Editing software
As a photographer, you can deduct the cost of editing software like Lightroom and Adobe Premiere
Online advertising
Any advertising and marketing expenses are deductible such as promotional and public relations expenses, online activities, producing advertising materials, costs of advertising events, etc
Print advertising
Posters, banners, and pamphlets used for advertising purposes are deductible. Any newspapers and magazine advertisements are also deductible
Electronics
Use of phones, laptops, and other electronic devices for your photography business is deductible
Studio expenses
If you have a studio, whether at home or some designated place, all the expenses associated with it are deductible. You can deduct a portion of your home office expenses such as rent, utilities, mortgage, etc. This freelance photographer tax deduction is highly beneficial.
Creative assistance costs
If you hire an editor, designer, or set assistant to help you, you can write off their wages
Business cards
Any expenses incurred while developing your business cards are deductible. So your business cards and pamphlets are all deductibles
Conferences & classes
If you decide to attend a conference or online program that happens to help you in your trade, you can deduct its fees. Similarly, you can deduct the tuition fees for any course you pursue related to your profession
Data storage
The cost of an external hard disk, SD tablet, cloud storage is a legitimate business expense
Phone & accessories
Generally, your cell phone is only partially deductible because of personal use. However, if you only purchase a separate mobile phone for business use, it'd be 100% tax-deductible
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