Taxes

[Skate Toad]

Hey just wanted to pick some brains on here. Anyone got any tips for taxes from gigs etc. I got two 1099-misc forms from clubs. I kept a bunch of receipts for equip. etc I want to loose as little as possible on my return if not beef up my return. Also i bought a $6000 drumset in 2005 anyone know anything about depreciation and how to go about that. So any info from some veteran's would be appreciated. Plus not a bad topic to touch on in general.
Todd

[skipisode]

You should be able to deduct expenses for items you bought in 2006.
You'll need to get forms for itemized deductions (can't remember form #).
I don't think you'll be able to do anything about the drumset though if you
bought it in 2005. You probably would have had to claim it on last years' taxes (not sure about depreciation?). It would be nice to have valid/good
information on this subject.
Good luck!

[jangel]

Keep all receipts for purchases of sticks, music, etc mileage to and from gigs.
and practice sessions. The drums you can depreciate over 5 to 7 yrs, check the IRS manual on musical equip (any tax preparer has one). of course if your mileage is excessive for the gigs you claim you could get audited. if you rent amps etc , sound systems, these are deductable. its pretty much like running a mini business.

[JayBird]

They can also write your equipment off all at once instead of depreciating it over 5 years. A good accountant will do what needs done so you don't have to pay in or so you can get money back. Go to certified public account not affiliated with the big tax companies. I get my business done for $50 and my girl's taxes are done for $35. That's a lot better than paying over $150 for h&r block to just do my girl's taxes for the same work. not sure what h&r would charge for a business.

[slink]

Skate toad, you should be able to write off the drum set that you bought last year. Use a 5year straight line, they won't let you take the depreciation that you should have taken last year, you'll have to start in the second year witch is 32% of the price then you would have 3 more years to deduct it the rate changes every year.
The IRS office in Altoona is open Mondays and Tuesdays for people who need asistance.

[Hawk]

Don't get advice here. Hire a CPA.

[Hannibal]

I hire a CPA to do my business taxes. He keeps me up to date on what depreciation is allowed, special deductions, etc. It's the best $$$ I spend all year.

[Killjingle]

It might be helpful to ask Dirty Sanchez...

[DirtySanchez]

A bic lighter.

What 1099's?