Apr 10
9
Tax Deduction Checklist for Musicians
- Vehicle mileage allowance of $.50 per mile (in 2011) (Keep a mileage log.)
- Parking, transportation (airfare, etc), and food expenses for professional travel
- Rehearsal space rental fees
- Telephone expenses (including cell phone)
- Stage clothing and dry cleaning expenses (only outfits appropriate for stage wear exclusively may be deducted, e.g. Lady Gaga outfits deductible; clothes that can be worn as street clothes, not deductible.
- Full or partial cost of purchasing a computer, printer, microphone, headsets
- Software for contract writing, music editing, notation, and sequencing
- Costs associated with conducting business via the Internet (includes ISP costs, web site development, advertising and hosting charges)
- Promotion costs: photos, mailings, cost of throwing a CD release party
- Instrument and/or voice lessons (individual circumstances dictate whether this is an allowable expense)
- Cost of rented or leased equipment
- New musical equipment purchases
- Equipment repair or maintenance costs
- Cost of vaccinations for foreign touring
- Cost of applicable insurance (equipment, liability, worker’s compensation, health and dental insurance)
- Portion of home mortgage deduction (if office space or rehearsal space is maintained there)
- Cost of investment advice
- Cost of tax advice and return preparation
Remember to keep receipts and other documentation. If you can’t prove it, it may not be real.
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