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12-23-2010, 09:37 PM
| | Registered User | | Join Date: Sep 2008 Location: Southern Illinois, USA | | | Gear purchases as tax write-offs?
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Hello. My name is Mike and this is the first year I will be filing taxes as a musician. I've been saving receipts for most everything but was wondering about things I've bought from the classified ads here on Talkbass. Are those types of purchases something I could/should file with my taxes? Thanks a lot to anyone who can help out.
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12-23-2010, 09:44 PM
|  | Registered User | | Join Date: Mar 2008 Location: Central Illinois, USA | | | Get tax advice from someone who knows both tax law and the entertainment biz. But generally you van take deductions for music business expenses.
John
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12-24-2010, 12:05 AM
|  | Moderator Moderator | | Join Date: Aug 2000 Location: Fargo, ND | | | I write off all the gear I buy.
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12-24-2010, 09:11 AM
| | Registered User | | Join Date: Aug 2004 Location: Forest Hills, New York | | | You can write off your gear purchases as long as you are claiming your income from gigs. And there is a formula that is used to determine if you are playing as a hobby or a professional. You do need to show profit I believe within a 3 year period...you need to discuss with a tax professional. |
12-24-2010, 11:40 AM
| | Registered User | | Join Date: Dec 2006 Location: Preston, England | | | UK tax advice
I know this isnt directly relevant to you USA chaps, but any UK musicians reading this thread could do worse than read this... Link
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12-24-2010, 11:51 AM
| | Registered User | | Join Date: Jan 2010 Location: valparaiso, in. | | | All gear purchases and milage is deductible, you must make a profit every three years, as some one already stated. I file a seperate business form for my music, with all the gigs itemized salary, expenses, etc. so the dates are on file in case of the dreaded audit. I save all my reciepts for seven years. |
12-24-2010, 12:10 PM
|  | OVNIFX
EXAR pedals rep for North & Central America | | Join Date: Oct 2005 Location: PDX, OR | | Yeah I wrote every single tiny bit of gear off, new or used, until my 3 years was up. |
12-26-2010, 09:08 AM
| | | | Yes, you can claim equipment, repairs, advertising, postage, office expenses, and other business expenses. However, you need to be extremely careful in how you are filing your taxes. If you file as a self employed individual musician as opposed to a business partner as part of a group makes all the difference; especially with tax ID numbers and other things. Also, you must be very careful with mileage and vehicle travel expenses if you use the same vehicle for private use. If you have questions, it is best to discuss them with a tax professional.
P.S. Keep all receipts and documents for everything. If you ever get audited, you will need proof. | | Thread Tools | Search this Thread | | | | 
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