Adam Barth

The Business of Photography: Accounting, Taxes, Entities – Oh My! 

About Speaker

Adam Barth is an inactive Certified Public Accountant (License #35403) who specialized in tax law, foreign income exclusion, bookkeeping, compilations, and business management. He graduated from the University of Nebraska – Lincoln with a B.S. in Accounting and from East Carolina University with a Master in Business Administration. A painting hobby evolved into becoming a full-time photographer forming LyWi Photography LLC in 2021 – where he explores wildlife, landscapes, and portraiture. He also works for Lighthouse Visuals as a real estate photographer and commercial drone pilot. What Adam enjoyed most about his career as a CPA was building close working relationships with clients, understanding their financial needs, and providing valuable advice for growth and success. Adam is married to Alysia and has two boys: Lyle (4) and Willis (2). Adam’s hobbies include: reading, theology, spending time with family, hiking, camping, and exploring the coast

What you'll learn

This class aims to cover the basics of accounting, taxes, business entities, and tax planning. By grasping these concepts, you will be better equipped to manage business operations, maximize deductions, prepare for tax obligations, and optimize your financial position as a photography business owner. 
1. The Basics of Accounting starts with the “Balance Sheet Formula,” which undergirds all of accounting, and progresses to setting up a chart of accounts, categorizing and defining transactions, bookkeeping practices, payroll, contract labor, and financial statements: what are they really telling us?! 
2. Taxes is an overview of federal and state tax laws impacting photographers and will cover business expenses vs tax deductions, deductions for photographers, self-employment taxes, payroll taxes, sales tax, property tax, and other business tax considerations. 
3. Business Entities and Tax Planning is an assessment of the various business entities, their tax implications, corporate tax strategies, personal tax strategies, and tax planning. 
Practical examples and scenarios, specific to the photography industry, will be incorporated to enhance your understanding of these concepts. The goal of this seminar is to enhance your understanding and management of a photography business – whether you are contemplating starting one or have been in business for decades. Please note that tax laws and tax scenarios can vary by jurisdiction and individual, respectively, so it is important to consult with a professional familiar with the tax regulations in your area for your personal context.