Before the rush

Before the rush
by evan-pak

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I am planning to open my own studio this year. As I purchased a lot of stuff in the past years, all the pro camera, lens, lighting gear, etc. I do not need to buy a lot of stuff to open my business. Good plan is half the way, so I do my business plan at the moment to minimize the nasty gaps one may step in. I need some advise on the financial plan though, how do I put my existing equipment into the plan? Fixed assets? Most of the stuff has been purchased end of last year. So how to handle depreciation? 5 years linear? Also costs for website, your domains if you have them registered for 5-10 years - how to handle this in the financial plan?

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closed as off topic by Itai, MikeW, Paul Cezanne, John Cavan, ahockley Mar 3 '13 at 18:30

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Hi and welcome to the site! I think this is a better question for an accountant then an internet forum such as this. I would highly suggest talking to one before and during your transition to the professional world. You may get answers here, but they may be incomplete and not from tax professionals. If you do have specific photography related business questions please do come back here and ask! – dpollitt Feb 26 '13 at 3:05
You really need an accountant to help you set this up. Pay one who knows the laws and tax code in your state/location. Website registration is $12 a year. Don't worry about it. – Pat Farrell Feb 26 '13 at 3:44
My guess is you may need to sell the gear to the business at a fair going rate, then depreciate. Make sure you get insurance on the gear and liability as well. – MikeW Feb 26 '13 at 4:10

Go watch Zack Arias' presentation "if I had to start today"

It says, first, get an accountant.

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