Equipment reporting for photographer?

These are fixed assets. Work with your accountant to handle them appropriately for the end of 2010.

I'm in the same situation.  When entered as a fixed asset, the camera & computer do not appear on the profit/loss report.  Why not?

These appear on the Balance Sheet. These costs are not expenses. Expenses are things like pencils, paper and film; things that are used up.

Costs for fixed assets are Purchases of tangible goods; things that have a useful life. This "useful" life is defined in the tax code. Stuff might have a 3-year, 5-year, 7-year, or even (for commercial buildings) 39 1/2-year life.

This equipment is Depreciated, not expensed. "Depreciation" is "my stuff slowly wears out over time." It shows on the Balance sheet as stuff you own, stuff you have invested in.

If you are going to do your own bookkeeping, you need to meet with a CPA on occasion, to learn how to do this right and to maximize the tax rules for your entity type.