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TB = Tax Break!

Discussion in 'Off Topic [BG]' started by PlayTheBass, Feb 20, 2005.


  1. PlayTheBass

    PlayTheBass aka Mac Daddy

    Dec 7, 2004
    Carmichael, CA
    I was just working on my '04 taxes and realized I can deduct my donation to TalkBass. :) Ah, the bass life is good... (especially when you can earn $7 the easy way!)
     
  2. Stephen Soto

    Stephen Soto

    Oct 12, 2003
    Damn man, good call. Haha.
     
  3. Don't_Fret

    Don't_Fret Justin Schornstein

    Dec 10, 2003
    East Coast, US
  4. Damn...I finally got around to doing my taxes and filing them Friday. Guess I should have waited a few days.
     
  5. PlayTheBass

    PlayTheBass aka Mac Daddy

    Dec 7, 2004
    Carmichael, CA
    Man, I deduct everything I can. I figure if anything I make is taxable, then sure as hell anything I spend that's bass-related is deductible! Mileage to rehearsals, video camera for taping performances, and of course -- performance-enhancers.
     
  6. Don't_Fret

    Don't_Fret Justin Schornstein

    Dec 10, 2003
    East Coast, US
    Yeah man, I run up a huge Powerbar bill too.
     
  7. nonsqtr

    nonsqtr The emperor has no clothes!

    Aug 29, 2003
    Burbank CA USA
    So, is that only if you're a "professional bass player"?

    What if you're just a working stiff, and play bass for a hobby? Can you still take the deduction in that case? :)
     
  8. RAM

    RAM

    May 10, 2000
    Chicago, IL
    If it's a hobby, you can deduct expenses related to the hobby, but only up to the point where it doesn't exceed the income derived from the hobby.

    Unfortunately, it may not usually be a straight deduction. Consult with your tax adviser to find out how this may affect you.
     
  9. PlayTheBass

    PlayTheBass aka Mac Daddy

    Dec 7, 2004
    Carmichael, CA
    Oh yeah. Actually, I was talking about strings.
     
  10. PlayTheBass

    PlayTheBass aka Mac Daddy

    Dec 7, 2004
    Carmichael, CA
    Definitely talk with a tax professional. I have a day gig, so music is only a second income (I consider it "semi-pro" since I don't make a living with music, but maybe that's just a hobby level). But my accountant says that if I declare the income, which of course I have to do, then I am entitled to deduct all expenses. And you're right, they're not always straight deductions, as some of the equipment is depreciated, etc. I don't know the details, but hey, that's why I hire the accountant!

    I got audited one year that I had a ton of equipment purchases, and my accountant went to represent me at the IRS appointment, and got me out of there with practically no changes to what I filed. We had to modify a depreciation schedule, and I think I ended up paying the feds a couple hundred more, but got back $150 from the state.