|
yes you can..... if you can.
first you have to ask yourself.. "do I quailfy?"  GOOD QUESTION!
First of all you have to ask yourself... Do i use my vinyl records for business use? meaning that you are claiming money earned from your Tiesto days to the IRS.
YOU HAVE!!! GREAT!!!
o wait, what was that? You didn't? damn sucks to be you (and me  )
but lets get crazy and say you did, lets get ready for the next question on.. drum roll please... "DO I QUALIFY" the home edition gameshow!
this is a 2 part question, you answer no to any of these, your chances of claming the $$$ from the tax gods are 95% to come crashing down.
first part: Do you own a home? Yes! w00t!
second part: Do you pay a mortage on it? Yes? ALRIGHT!
ohhh what's that? You thought i said did you WISH you owned your own home? no, sorry thats not the same.
Why is owning paying mortage on your home imporatant to claiming your vinyl? Great question johnny!
You see when you pay a moratage the intrest off the mortage is tax dectutable. More chances then not this pushes you over the magic words, "standard deduction" without that your chances of going over the standard decution is VERY slim. sooo slim that you would have to either give soo much money away, or have something pretty bad happen to you where you would be able to hit the mecca in the tax world of...
Iteminzing! ohhh yeah! if you can itemize you can claim EVERYTHING related to your business including transporation cost (keep a accurate log of miles before you claim the mileage) to get to your gig, the food you ate the pre-party, ehhh i mean business meeting, even the sharp new threads you bought to make you feel special enough to show off to your clients on the dance floor!
i wish i could itemize
oh yeah almost forgot... goes on the "schedule C" tax form
http://www.irs.gov/pub/irs-pdf/i1040sc.pdf
last, just make sure that pre-party isn't tooo expensive with the food . 
Last edited by Orbital32 on Jan-25-2006 at 04:18
|
