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Beat. posted:I don't sell enough personally (less than probably $5,000 a year) and almost all my transactions are cash. I'll never claim any of that on my taxes. At the point where I'm actually pulling in money that's hitting my soc (through a bank account/1099/invoice/po/etc) I will claim that amount plus any related expenses. But most people at the bottom end have no real incentive to go through all the bullshit related to taxes when the likelihood of any audit at that level is practically zero. You should be declaring it, not just to be honest, but to save money. The benefit is that you can claim lots of expenses against that small amount of income, and operate at a loss (i.e. - you're spending more money on the job than your earning). This will have a tangible benefit on your tax bottom line. I finally found an accountant that deals specifically with musicians. I deduct all of my music related expenses. Concert tickets, travel expenses, equipment (sooooo nice to be able to deduct this), etc. Ask your accountant for a full list. You'll be surprised.
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Apr 26, 2012 23:30
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| # ¿ Apr 17, 2024 00:37 |
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