Posted by Jay Bertolet on February 10, 2000 at 09:21:40:
In Reply to: Taxes, Please help me!!!! posted by Jon Brady on February 10, 2000 at 07:19:36:
Our accountant explained this to me once, if anyone can explain the tax codes these days, and here is what I understand to be the story:
Any musical equipment can be written off as a business expense if you can justify that you need this equipment for your job. In this respect, it becomes a business expense. In addition, you can depreciate your instruments, over time, and write off the depreciation on your taxes. This is just like if you bought a bunch of office furniture or a car for your business. Over time, that equipment is worth less and less and the dollar amount of the depreciation can be written off on your taxes as a loss.
As with any tax advice, check with a professional first. The very last thing you want is to be audited and not have the facts! Good luck.