For most filmmakers, videographers, and video production company owners, taxes are the biggest expense they have each year. I just had a long end-of-the-year conversation/tax planning session with my CPA and I wanted to share some of the info with you. This is not financial advice for you, and I recommend you talk to your CPA or hire one for specific advice for your situation. The first thing I do when I have a profitable year is to see if I can make any end-of-year investments that can help my business grow the following year. I’ve done with every single year for 15 years now. Most of the time, this is investing in new equipment like cameras, lenses, lighting, and office equipment. I sometimes even pre-pay for subscriptions such as Adobe for example. I also make sure if I’ve hired any vendors that I pay them before the end of the year, so I can take that expense. I never buy things that I can’t justify to grow the business through. I’d rather pay taxes than buy a
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)