| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95.) Julian Block, 3 Washington Sq, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board. |
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As a stock photographer, you are no doubt a self-employed worker. You can expect higher taxes this year. There's another increase in the wage base on which Social Security taxes are due. Maximum earnings subject to the tax rise to $76,200 from $72,600 in 1999. Many self-employed workers such as you will owe as much as $446.40 more, but you can get some of that back by deducting half on your federal returns. Other changes this year include higher income levels for each tax bracket. Also, the personal exemption rises to $2,800 from $2,750. The basic exclusion from estate taxes rises to $675,000 from $650,000 last year. The exclusion is to rise in stages until it hits $1 million in 2006. |
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