Read this 3-part PPA series, prepared by PPA’s Chief Financial Officer Scott Kurkian, for an orientation to understanding and applying sound financial practices to your studio’s business:
Part 1: Getting to the Heart of the Matter
To run your business effectively, it helps to have a handle on your finances. Knowing how they work and how to keep track of them are vital to a successful studio. Click here to read.
Part 2: Smart Tax Strategies
Getting your taxes in order ahead of time can save you a lot of stress, especially when you are establishing your business. This article goes over tax tips for both before and after you open your studio doors. Click here to read.
Part 3: Keeping the IRS and State Governments Happy with Taxes
As a business owner, you have certain responsibilities that the IRS and government track. Find out what you need to know regarding sales tax, employment tax, and everything in between. Click here to read.
Choosing the correct business entity type can have an enormous impact on the amount and type of taxes you pay, as well as other legal and financial ramifications. You may already be operating your photography business, but you might benefit from changing to a different business structure. Your tax and legal advisors can help you make the best decision, based upon your financial situation, the size and type of business you are starting, as well as other financial and legal factors.
Read the brief.
http://www.ppa.com/articles/7/Vital-Signs-Business-Organization-Basics.php
Do you have what it takes to start up a new business? Although you already have the expertise to be a professional photographer, do you have everything you need as a new business owner? Take a look the list below to be sure that you have considered what you must do or have in order to own and operate a successful new business.
So you're thinking of starting a business, PPA Vital Signs, May 1, 2007
http://www.ppa.com/articles/76/So-youre-thinking-of-starting-a-business.php
As an employer, it is your responsibility to ensure that you have completed the appropriate tax documents with both federal and state tax agencies on behalf of your employee and, more importantly, your studio.
PPA Vital Signs, Feb 28, 2009
http://www.ppa.com/articles/202/Vital-Signs-Avoid-Tax-Headaches-Get-It-Right-the-First-Time.php
Operating as an S-corporation could save you thousands in taxes, or not. Now is the time to figure it out.
PPA Vital Signs, Nov 20, 2008
http://www.ppa.com/articles/177/Vital-Signs-To-Scorp-or-Not-to-Scorp.php
You need to know how to market yourself, provide excellent customer service, manage your workflow and your employees, and, most importantly, ask for the money you're due.
PPA Vital Signs, Dec 11, 2008
http://www.ppa.com/articles/182/Vital-Signs-Collecting-on-PastDue-Balances.php
All of us want to reduce the amount of our tax obligations, but sales tax is a fact of life for most people. It is something we can't avoid paying and most businesses can't avoid collecting. Understanding sales tax rules and procedures is critical. And not following these rules can result in costly interest and penalties that can ultimately shut down your business.
PPA Vital Signs, Oct 30, 2008
http://www.ppa.com/articles/170/To-Sales-Tax-or-Not-to-Tax.php
Do you know how to manage your debt and borrow intelligently to keep your business going? These good business practices come much easier if you understand a little more about debt and credit...so read on!
PPA Vital Signs, Oct 16, 2008
http://www.ppa.com/articles/163/Vital-Signs-Good-Debt-vs-Bad-Debt.php
Excessive debt is the No. 1 business killer. Photographers whose debt load is out of control often quote one of those principles: You have to spend money to make money. This is true, but I would add this important corollary: Don't spend it unless you can afford to spend it. But how do you know what is, or is not intelligent use of debt? Here are a few practical suggestions for managing business debt.
PPA Vital Signs, Oct 9, 2008
http://www.ppa.com/articles/156/Vital-Signs-Be-Smart-About-Business-Debt.php
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