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Old 05-12-2013, 07:01 PM
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bermuda bermuda is offline
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Join Date: Apr 2006
Location: Los Angeles
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Default Re: Drums and American taxes

Quote:
Originally Posted by toddbishop View Post
You generally don't deduct the actual fuel cost, you deduct a standard rate for all the miles you travel for anything music related-- going to gigs, going to rehearsals, to the studio, to the record store, drum shop, or Staples or wherever for office supplies, etc, etc.
Actually, you simply report the eligible miles, and your tax guy (or IRS-approved software) applies the correct deduction, as that has changed with the rising cost of fuel. I don't know what the per-mile rate is, but it doesn't really matter, we get what we get.

In addition, repairs and maintenance are deuctible if they exceed the amount being claimed for mileage. But that amount is pro-rated at the percentage of the amount of business miles compared to all miles driven that year. Basically, you can claim the higher amount between the two, but not both.

Bermuda
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