tax season

[The Bastard]

tis the season for all of us patient bachelors that claim zero to get PHAT PAID. im def gunna hit the record store once i get my check

 

[kojo]

CHEA. yep, time to get some more dough

 

[Chrono]

I seen some commercial on tv about musicians being able to claim their equipment as a business expense.. I have no knowledge about this. Was the commercial on some scammy bullshit or is there truth in this?

 

[FSC]

^^I think that i saw that on a H&R Block commercial..

 

[Sanova]

yea i seen that shit too. same with athletes

 

[The Bastard]

but if u try to write shit off as business expense youll get all the other charges/taxes that come wit having a business .i think they are tryin to rope people into a trap

 

[Relic]

I seen some commercial on tv about musicians being able to claim their equipment as a business expense.. I have no knowledge about this. Was the commercial on some scammy bullshit or is there truth in this?

IF you do that shit...BE a business(registred) BE making money HAVE an accountant.
OR suffer what happens.

 

[Chrono]

yeah it seemed like bullshit to get kids to use them to file taxes.. i've been using tax slayer

 

[shadeed]

I seen some commercial on tv about musicians being able to claim their equipment as a business expense.. I have no knowledge about this. Was the commercial on some scammy bullshit or is there truth in this?

*WOW* you didn't/don't claim anything you do musically on your taxes, you are missing out on the greatest benefit that being an American offers, The Tax Benefits of Owning Your Own Business.

Most musicians (producers especially) spend more money on equipment than they do on any other thing in their life except their monthly rent. If you're not deducting that money off as "business expenses" then you are literally throwing your money away.

It's not a scam by any means, but you do have to know what you're doing (which requires a bit of research and legal counsel at times).

*Thank you for posting this, I believe you may have inspired the next "Blowing Up From the Basement article". I gotta make sure my illmuzik peeps is on the right track

 

[Relic]

*WOW* you didn't/don't claim anything you do musically on your taxes, you are missing out on the greatest benefit that being an American offers, The Tax Benefits of Owning Your Own Business.

Most musicians (producers especially) spend more money on equipment than they do on any other thing in their life except their monthly rent. If you're not deducting that money off as "business expenses" then you are literally throwing your money away.

It's not a scam by any means, but you do have to know what you're doing (which requires a bit of research and legal counsel at times).

*Thank you for posting this, I believe you may have inspired the next "Blowing Up From the Basement article". I gotta make sure my illmuzik peeps is on the right track

That would be good but its going to be too late as I have to go see my tax guy this month.
We arent in the making money stage yet just spending money.
My tax guy doesnt seem to want to claim any of that.
If you have some tips , hey , let me know...

 

[StressWon]

I seen some commercial on tv about musicians being able to claim their equipment as a business expense.. I have no knowledge about this. Was the commercial on some scammy bullshit or is there truth in this?

I asked my accountant about that. You can claim them if you have them under a businesss but then you have to show some sort of financial gain in at least three years for that business,,,if not then you may have to pay that back. My accountant aint no joke. And for the record, HnR Block are scammers. Stay away, its always better to spend an extra few bucks and go wit a accountant. I don't want Skippy who recently graduated College and works part time at the HnR Block for tax season handlin my business,,,dig?

 

[Chrono]

great information! I havn't even tried to make a dime yet but i'm begingin to see what I'll need to do in the near future.. it's too bad too becasue this year i've spent over a grand on equipment. either way i'm glad this information surfaced because now I can set up some much needed goals. props everyone

 

[Benny BuKu]

I asked my accountant about that. You can claim them if you have them under a businesss but then you have to show some sort of financial gain in at least three years for that business,,,if not then you may have to pay that back. My accountant aint no joke. And for the record, HnR Block are scammers. Stay away, its always better to spend an extra few bucks and go wit a accountant. I don't want Skippy who recently graduated College and works part time at the HnR Block for tax season handlin my business,,,dig?

he called em "Skippy"....as in..."Skip Skipperson"....or "Skip Skipstoferson"

 

[StressWon]

he called em "Skippy"....as in..."Skip Skipperson"....or "Skip Skipstoferson"

"Skip Skiperstein", an accountant, good with money,,,,obviously a Jew

 

[Benny BuKu]

"Skip Skiperstein", an accountant, good with money,,,,obviously a Jew

"Skip Skiperberg"

 

[StressWon]

"Skip Skiperberg"

or maybe "Skippy Skipawitz"