So I have a registered business name as a sole proprietor and have made a small amount of money doing photography based work.
However I also have other employment where I make more taxable income.
I have expenses like camera gear, travel, print costs etc I'd like to claim as expenses. I'm just wondering if it would make a difference in my overall tax payment? With the photography stuff alone I am nowhere near close enough to be paying tax Soley on that income. Is it beneficial to still claim expenses to reduce my overall tax payment when both jobs are combined?
You don't have to claim employment or self-employment expenses if you don't want to. But even if it makes a small difference, why not? And in the case of self-employment expenses and employment work from home expenses, you can carry unused expenses forward.
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