I'm not sure if this is the right lounge for this kind of question, but here it goes: I'm making my first short film this year, and I have zero filming equipment for it (which I don't have a problem with). I'll also need to get some things for costume and props, plus a few little extras. All told, I'll be shelling over $1,000 total (again, no problemo whatsoever). However, I got to thinking about possible tax credits. Grant you, this would be for next tax season seeing as how I would have to film everything, edit, send it off to a festival, etc. Which brings us to my question:
When I get this filmed and sent off to a fest, if it gets accepted would I be able to get a tax credit or write off the equipment I bought?
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I do remember buying an HVX-200 camera years ago and getting a tax exempt form as a small business so that I was able to avoid paying taxes on the camera itself. But you need to be an actual business with a tax I.D. (again, I believe. Check to make sure)
It's a depreciating asset and your accountant will know how to schedule that as a write off over a period of time. It's not usually done all at once. Again, it depends on the purchase price. Check with your accountant to make sure. A camera that's under $1,000 may not fall into this category though. It might be seen as a consumer product. When I financed a Sony FS7 with all the accessories it was over $14k. That took a while to write off.