Paying taxes correctly as a photographer "Oh NO!, NOT TAXES!"
As a professional photographer, you will have to pay the taxed just like any other professional. In general, as a business owner, you will have to learn about the quarterly estimates in order to pay the taxes correctly. If you pay taxes at the end of the year, you will have to bear a substantial amount at once. However, if you split this amount into three and pay your taxes on quarterly basis, it will be convenient.
Apart from the convenience, quarterly basis tax payments can make you a more disciplined businessman. That means, quarterly tax payments make you manage your business’s monthly budgets more precisely. Since you are aware that you have to pay the taxes more frequently than with the annual tax system, you will try to cut down your monthly expenses. Also, such system would encourage you to account even the smallest expenses without fail.
Besides, there are plenty of other benefits associated with quarterly tax payments. If you are not too familiar with the term taxation, it is better to seek the assistance of a professional tax consultant.