I am a freelance photographer, could I write off a new camera on my taxes.?

Question

I ask because technically, it isn't a buisness

Answer 1

So, it's a hobby and you can only itemize expenses up to the amount of income. A camera is an asset, not an expense, so you'd have to depreciate it.

Hobbies generally just increase your tax.

Answer 2

You don't get any of your money back unless you have paid taxes into the system. Being a self-employed person you will file a Schedule C as part of your 1040 tax return, and will report your income and expenses (new lens for the camera for example) on it. If you have a net profit and the net profit is more than $400 you will have to pay self-employment (SE) tax as well as regular federal income tax, and possibly state income tax (if you live in a state with a state income tax). Federal income tax will depend on your tax bracket, which depends on filing status and taxable income level. SE tax is 15.3% of 92.35% of net self-employment income. State income tax will be at whatever your state rate is. For being self-employed you are supposed to pay quarterly estimates which are due 4/15, 6/15, 9/15 and 1/15 of the following year. The estimates should be either 90% of current year tax (hard to know until the year is over) or 100% (110% if high income person) of prior year tax.

Answer 3

Are you trading for profit - yes or no.
If yes then you should be registered either with HMRC under Self Assessment or as a Private Company. If no then it is a hobby and nothing is claimable. (we reserve the right to trace and prosecute unregistered traders).
Assuming you are registered then Capital Expenditure is claimable but the procedure depends on your tax status.
So, are you employed under PAYE, what other income do you have and are you registered with HMRC as a trader?