Members JacieFB Posted October 17, 2005 Members Share Posted October 17, 2005 Okay, this may not be the right forum, but here goes anyway... Can I write off my MP3 player as a band expense? Link to comment Share on other sites More sharing options...
Members Meatball Fulton Posted October 17, 2005 Members Share Posted October 17, 2005 Technically you can only write it off if it's used solely for your music business...in reality the IRS will find it difficult to prove otherwise. Link to comment Share on other sites More sharing options...
Members madjack Posted October 17, 2005 Members Share Posted October 17, 2005 If music is your primary source of income then it certainly is deductable, as you are using if for improving your skills. If music is simply a supplemental source of income you may only be able to deduct the percentage of the player for which you are using it in your music business as capital property. Link to comment Share on other sites More sharing options...
Members worthyjoe Posted October 17, 2005 Members Share Posted October 17, 2005 Do you report all the money you make from gigs? Just curious. I just play a few times a month and take home less than 200 per show, usually around 100. I don't report anything (it's mostly cash) so in turn I don't mess around with any write-offs. Don't need to give someone a reason to look into my {censored}, ya know? But if you are reporting everything legitimately, then I say write off everything you can. Link to comment Share on other sites More sharing options...
Members JacieFB Posted October 17, 2005 Author Members Share Posted October 17, 2005 I save all my receipts and report that as losses. I keep a rough estimate of all the CD's and merch that I sell. If it is a significant amount of money from a gig, then I report it...sometimes I'll even over-estimate how much we were payed because of how much greater my expenses are verses my income, usually. Last year, I had like $9000 in expenses(that included $2500 in theft). What can I say? Gotta spend money to make money, right? This year, one show we did, the club actually made me fill out a W-2. That's pretty different than what we usually get...a cut of a cut of the door money. I keep pretty darn legit track of everything. Link to comment Share on other sites More sharing options...
Members JBJ Posted October 18, 2005 Members Share Posted October 18, 2005 If you keep track of everythign coming in and going out then yeah you can. My bro's in the process of properly setting up a ltd promotion firm and he's going to be able to write everything off from the laptop he just bought (which to be fair is really for the business) to cd's. Link to comment Share on other sites More sharing options...
Members srsfallriver Posted October 19, 2005 Members Share Posted October 19, 2005 WJ, You may want to delete your post!!!!! You never know who may be reading. I send my IRS $$ to your state!! !! You'd be safer admitting that you deal drugs than cheating taxes!! Link to comment Share on other sites More sharing options...
Members JacieFB Posted October 19, 2005 Author Members Share Posted October 19, 2005 Originally posted by srsfallriver You may want to delete this post!!!!! You never know who may be reading. I send my IRS $$ to your state!! !! You'd be safer admitting that you deal drugs than cheating taxes!! Can he delete now that you quoted it? Good advice, though. Link to comment Share on other sites More sharing options...
Members srsfallriver Posted October 21, 2005 Members Share Posted October 21, 2005 Originally posted by JacieFB Can he delete now that you quoted it? Good advice, though. Whoops!!! Sorry Worthyjoe!! Don't worry. I'm sure those in power don't know of this place!!! Link to comment Share on other sites More sharing options...
Members sideswipedv Posted October 22, 2005 Members Share Posted October 22, 2005 yeah dont worry about that man it will be our little secret:D Link to comment Share on other sites More sharing options...
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