i was just wondering- since we all got GAS and we all love to go attend seminars, some of us teach and some of us gig and get paid... does anybody know what the requirements are for writing our "hobby" off for tax purposes? do we need to earn "X" amount teaching to be able to business expense SPAH? do we need to gig "Y" nights a month to write off harps?
i gotta believe somebody has checked into this already.
you have a finite amount of time to do that, 5 years i believe, where you can show a loss and still claim a business. (for personal tax purposes) after that, the IRS will look much more closely at you goings on... ---------- Kyzer's Travels Kyzer's Artwork
Kyzer's got that right on the money. As a pro, you would file as being self employed. Anyone who is in any form of entertainment business, you are almost automatically gonna be in line to be audited and you better have all your records up to snuff in a big way. In the business cycle, the 1st 2 years usually tend to be losses, the the next 2 should breaking even and the 5th year, you should be turning a profit. As a musician or any other entertainer or artist, you need to get an accountant who specializes in the entertainment industry and not one of those bozoz working for Jackson Hewitt or H&R Block. ---------- Sincerely, Barbeque Bob Maglinte Boston, MA http://www.barbequebob.com CD available at http://www.cdbaby.com/cd/bbmaglinte