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Old 05-12-2013, 07:33 PM
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larryace larryace is online now
"Uncle Larry"
 
Join Date: Aug 2008
Location: In beautiful Bucks County, PA
Posts: 13,111
Default Re: Drums and American taxes

Quote:
Originally Posted by toddbishop View Post
Doesn't being a W2 employee eliminate most of your deductions, though? They are for business expenses, and a W2 employee is not considered to be "in business." It sounds like you're not declaring any Schedule C music income, and are putting your music expenses, and any non-W2 music income, under your electrical business's Sch. C? If I'm following you correctly, that seems like it would be trouble for you if you ever get audited.



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.
Sorry, my bad. I meant to say a 1099. Good catch, that's a completely different scenario.
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