DJ'ing, Money, Taxes, and Write-Offs.

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-- DJ'ing, Money, Taxes, and Write-Offs.
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Posted by RJT on Jul-07-2007 13:28:

quote:
Originally posted by antronx
If you are doing DJing as a hobby, or not as a primary income, ask for cash and dont report it on your income tax. If you are making tens of thousands from gigs and its your main income, then you should report it. I really hate these people that claim their gigs as a loss, where they write off more than they make, just to get a check from the IRS. If your business is a loss, then obviously you are wasting time. But like i said, if you are not making decent living income from DJing, dont report it.

I'm going to go ahead and trust my accountant (who seems to disagree with just about everything you've said) as opposed to you, but thanks for the attempt.

Posted by Zild on Jul-07-2007 14:54:

quote:
Originally posted by Freak
The government tells me how much I can claim per mile for travel.... its not my fault that their rate is actually 4 times what it really does cost me.

There is making a loss personally, and making a loss on the books- HUGE difference between the two, even without fiddling it.

You can incorporate. Pay yourself a wage and then show a business loss. That way you're making a wage but you can write off a lot for tax purposes. Nothing wrong with using the law to your advantage when you can.

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