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| *The Commerce Journal>>>Other Taxes |
Taxes related to my music/ entertainment business? |
I've recently jumped back into the Musician business full -out and purchased new equipment etc...what I'm interested in knowing --relating to taxes-- is what about my stage apparel ( I've purchased 2 suits and accessories recently for a cruise ship engagement also what about the maintenance on my truck..I lug equipment around from point A to point B and now my A/C is out etc....Are the cloth items and auto maintenance direct write-offs, or does the IRS somehow have you depreciate a TIE and set of socks...What about the mileage associated with traveling to a performance? Any help is appreciated...Thank you... If the clothing is not an item that can be used generally on the street, only on stage the clothing would be deductible. The business use of the truck is deductible. All ofyour income and expenses would be reported on schedule C included with your 1040. IRS rules and regulations change from time to time, you should consult a well qualified tax accountant on this matter. If it's a regular suit, tie and socks, it's not deductible. If the clothing is suitable for wear outside of your job, and not a uniform, you can't deduct it even if you wouldn't normally wear that type of clothing outside of your work, so doesn't sound like you have a deduction there for suits and accessories. |
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