June Snappy Hour

Where: Positano Coast
When: Wednesday, June 29, 7-9 pm
Who: Photo Betties old and new!

Come meet us for al fresco lounging with a lovely view of Old City… Summer’s almost here! Let’s celebrate!

Accounting for Photogs Recap

Accounting isn’t the sexiest part of running your own photography business; aside from equipment malfunction and extreme weather patterns, it’s more like the scariest. But last Thursday at our Quarterly Meeting, it was actually cool. Heather O’Mara helped plan the event, held at CPC Financial in King of Prussia, and hosted by Richard C. Capasso, CPA, PFS, CFP.

Rich isn’t your stereotypical accountant. He’s got a great sense of humor, is excited to advise on financial planning, and is really easy to talk to; it’s obvious after a few minutes just how passionate he is about helping small business owners (their firm has over 800 clients – all small businesses.)

It was an information-packed evening – two hours of advice that would be overwhelmingly long in a blog post, so instead, here’s a few highlights:

Money Matters:

1. No matter what type of business entity (Sole Proprietor, LLC/LLP, Corporation or “S” Corporation), set up separate bank accounts and credit cards so that everything is clearly defined as personal or business, leaving no gray area or confusion come tax time (and hopefully not: audit time).

2. At the very least, keep a checkbook, and have an income statement that shows profit/loss.

3. Remember that you need to earn roughly $1.40 to take home $1 after taxes, so pay what expenses you can before paying yourself. If you pay for something business-related on your own dime, treat it just as if you worked for another company and create an expense report before reimbursing yourself.

4. If you pay any one person more than $600 aggregate in one calendar year, you must send them a 1099. If not, and you are caught, you’ll lose the deduction on your return and be subject to a fine of $1,000-$10,000.

5. There’s no benefit to keeping extra funds in your business account. When there’s excess, distribute funds to your personal account to avoid any gray areas. And be sure to set aside 30% of that amount for income tax.

Deductions:*

6. If you claim a home office on your taxes, it must be a space reserved only for business, not an office/playroom, office/dining room, office/bedroom, etc. And if you’re claiming a studio, you’ll need a separate entrance into the space from the outside. Once you figure out what percentage of the home your office occupies, you can also calculate that percentage of your utilities, mortgage and possibly even your landscaping.

7. Health insurance premiums can be deducted from your tax return, as well as portions of your internet and cell phone bills (not included in the home office deduction).

8. When traveling, log your mileage – which is currently 50.5¢/mile and includes depreciation on your vehicle, insurance, and gas. (Second shooters and assistants who are traveling separately can also claim their mileage.) Only claim your vehicle if more than 50% of the mileage is used for business purposes total.

9. Charitable donations are NOT deductible – only the cost of goods (your vendor’s, not your mark up) for items gift (for example a canvas print, album, etc).

10. Don’t get wrapped-up in the idea of deductibility, or make purchases simply because they are a tax deduction. Everything should make good business and investment sense.

* Remember that if your company has a loss for the year, you can’t claim many expenses, including a home office or new equipment. You may, however, be able to extend and still claim some deductions the following year – check with your tax preparer or accountant to find out more.

If you’re interested in speaking with Rich about financial planning for your own business, or to get a business started, contact him by email at rich@cpcfinancial.com or call 610-265-4122.

Want to help out, organize, host or assist with an event? Give us a shout at info@phillyphotobetties.com.

Insider Info: 2nd Shoot

Hooking-up with second shooters for many is based on who you know and referrals from fellow photogs. After all, you aren’t just looking for a talented artist, but the whole package; someone who works well with you, is dependable and friendly, accommodating to your clients, and at the end of the day, makes you look good.

Now there’s a whole new way to find photographers, not just around the corner, but across the country: 2ndshoot.com!

Currently in BETA, 2ndshoot.com is planning to go live at the end of May, connecting with 10,000 professional photographers and studios nationwide.

The time is now

If you’re looking to find gigs, this is THE place to be. And NOW is the time to do it. Why?

• TEN THOUSAND photographers being driven to 2ndshoot.com to check out the current list of talent

• Big industry sponsors – including Collages.net, Gary Fong, Vision Art, Emotion, Simply Canvas, Fundy Software, and ThinkTank, and many more – promoting 2ndshoot.com and driving traffic (and offering exclusive members-only deals!)

• A fabulous deal: The first 100 photographers to sign-up receive 3 months FREE!

• A professional, trusted organization that caters to second shooters and hiring photographers alike

• The chance to connect with (and find) photographers with portfolio samples, in-depth profiles and user ratings

Getting Started

Signing up for a listing is quick and easy, and includes:

• A standard state listing


• Customized bio with profile and portfolio photos


There’s no contract, and you can also opt for a Featured Profile, which for a few dollars more gives you a:

• Featured slider on home page


• Featured placement on your state page

If you’re interested in working with new photographers – and expanding your portfolio – 2ndshoot.com is a great place to be.

The Backstory

Charles Bordner

2ndshoot.com was created by internationally acclaimed, award-winning photographer and storyteller, Charles Bordner, to help him source talented second shooters for weddings all over the country. When traveling for weddings, he recognized the benefit of having a photographer who’s local, and able to offer know-how and expertise in the area – in addition to saving on travel expenses and logistics. His search became the inspiration for 2ndshoot.com, which has already taken root in South Carolina, where he’s is based, and is starting to take root in cities across the country.

PS: Charles is still searching for second shooters for weddings coming up at the breathtaking Ocean Edge Resort in Cape Cod this June, and another in Orlando, both of which he plans to find through 2ndshoot.com!