When I launched my photography business, I knew that I needed more space than I had at home. That's when I decided to rent a local storage unit to keep my studio gear organized. I spent a lot of time researching backdrops, staging, racks, and storage tips to keep all of my gear organized and protected when I wasn't shooting. With so many photographers looking for ways to expand their operations, I decided to share my storage tips so that I could possibly help others with their needs. I hope the information here makes it easier for you to organize your equipment and grow your studio.
Storage Snapshots: Photography Equipment
2 Times When You Can Write Self-Storage Fees Off Your Taxes
Brian Hamilton
Taxes are a necessary evil, but there are a few legal ways you can reduce the amount you pay. One way is to take advantage of available tax deductions. If you used self-storage facilities within the previous tax year, here are two times when you can deduct the cost of the monthly fees from your taxes and reduce your bill.
When You Move for Work
Individuals who relocate for work can deduct some or all of the expenses related to the move from their taxes. This includes fees spent storing your items during the move. Even if you're self-employed, you can still take advantage of this deduction if you can show you relocated because of a job and meet the minimum qualification requirements set by the IRS.
For a move to qualify, your job must be at least 50 miles away from your old home. You can only deduct unreimbursed expenses for one year after your first day on the new job, and you must work full-time for at least 39 weeks of the first 12 months.
When it comes to storage fees, you can deduct the amount spent on the unit and insurance for the first 30 days after your items were removed from your old home but before they are taken to your new residence. However, if you move outside the US, you can deduct the fees paid for the entire time your items are in storage for as long as you work in the other country. Additionally, you can also deduct expenses related to getting the items to and from the storage facility (e.g. the cost of a moving truck) for moves outside America.
Be aware, though, you cannot deduct the cost of relocating and storing things you purchase after you move from your old home. For instance, if you buy a piano while on your way to your new house, you cannot deduct the cost associated with getting it to your new house or the self storage unit.
When You Use Storage for Business Purposes
Another time you can write off storage expenses if you use the unit for business purposes. This would be claimed as a normal deductible business expense on your taxes. Be aware that only items related to your business are eligible for the deduction. If you keep other personal items in the storage facility, you can only deduct the amount related to the portion of space the business items take up.
For instance, if your business products take up 50 percent of the space in the unit, you can only deduct 50 percent of the monthly cost. Things can get a little confusing when you mix personal and business expenses, so it's best to keep them separate.
For more information about this issue or to rent a storage unit, contact a local storage facility.
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