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Old 05-12-2013, 02:41 AM
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larryace larryace is offline
"Uncle Larry"
 
Join Date: Aug 2008
Location: In beautiful Bucks County, PA
Posts: 13,194
Default Re: Drums and American taxes

I get W-2's from both my main bands so it all gets reported. I deduct gear, tolls, gas and parking. It all gets lumped in with my electrical business though, they don't have to be separate. Even if my musical expenses are more than my musical income, it gets mixed in with my "real" job stuff. I'll have a loss on the music side next tax year because of the the Guru's. It will serve to lower my net taxes because I will still show a profit from my electrical business.
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