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Topic: tax question |
Bob Grado
From:
Holmdel, New Jersey
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Posted 21 Aug 2012 3:58 am |
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I just returned from a trip to Nashville with my band to play a (non paying) gig at the Hard Rock Cafe and we also did two radio interviews. ( one at "Renegade radio" in Nashville and the other at
"The Ranch".
I know that this is a question for my accountant but if I currently pay Federal taxes on all my band earnings throughout the year ( not much I usually earn around $3,000.00 a year with the band ) are the expenses associated with this trip deductable? Even if it was simply to promote the band and I didn't earn anything? |
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Ray Minich
From:
Bradford, Pa. Frozen Tundra
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Posted 21 Aug 2012 5:19 am
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The short answer is "it depends". Your tax accountant can be the best one to answer your question. Free tax advice is like free legal advice... inadequate to the recipient and dangerous to the advisor (lest one get hauled off to court for practicing something without a license).
Your tax accountant will know what the IRS's current position is on all of the regulations. The IRS is schizophrenic so last year's rules may not be this year's rules.
Keep all of your receipts and have them ready for the accountant to review.
I hope you were playing steel else b0b's gonna be ticked....
_________________
Lawyers are done: Emmons SD-10, 3 Dekleys including a D10, NV400, and lots of effects units to cover my clams... |
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Larry Bressington
From:
Nebraska
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Posted 21 Aug 2012 6:54 am
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Under $3000 a year, it is/was considered a 'hobby' even though it is taxable income certain deductions were not allowed...Mine is always over that so i am able to write almost all investments off, fuel/strings/parts etc...
It may not be a write off...Make sure your accountant is up on 'Music buiss' tax side of things per year, as law's change every season they say!!!
As Ray said also!!
_________________
A.K.A Chappy. |
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Billy Tonnesen
From:
R.I.P., Buena Park, California
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Posted 21 Aug 2012 2:22 pm
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Aside from Federal Tax rules, there are rules that can be differen't for each State you work in. If you are are touring Sideman moving and playing in differen't States, each State could want a Tax bite on what was paid to you when you played in that State.
_________________
Sacramento Western Swing Society Hall of Fame, 1992 |
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Bob Grado
From:
Holmdel, New Jersey
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Posted 23 Aug 2012 8:14 am
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| Thanks for the replies they are much appreciated. |
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