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Claiming your vinyl on your taxes
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| JRB |
| so, I hear that a DJ can claim the vinyl that was purchased within the year on their tax form as a buisness expense. is this true? is there a certain amount of money you have to make? I've only been a DJ for 9 months, and have only played out a handfull of times. can someone explain how this works a little better? |
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| _Nut_ |
Is DJing your career?
Do you pay taxes on the gigs you play for?
Probably not eh? So no you cannot do that. That would be entitled as a 'write off' |
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| Vlad |
| You can claim vinyls as an expense but you need to fill out self-employment papers. Once you do that you can claim anything that contributes to your "business" whether it be gas for a car, or renting a van, whatever coinsides with your business. But your gonna have to put down some sort of income. Even if its only like 400 bucks. |
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| _Nut_ |
| But then being self employed does something to you in a different tax bracket tho, doesnt it? |
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| Dmatrox |
| did you know in canada you can claim getting fines as a business expense? (if you own a business that is) :wtf: I tell you, this is ed |
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| Nemesis44 |
| quote: | Originally posted by _Nut_
But then being self employed does something to you in a different tax bracket tho, doesnt it? |
Tax brackets usually refer to your level of income. If you have people who work for you etc.
As a DJ in the UK you don't have to be self employed to deduct records etc. from your tax bill. I'm not and I can deduct a whole manner of stuff ranging from the logical to the ridiculous. Pretty sure the same applies to the US too.
The papers you need to fill out are self tax assesment forms which are slightly different.
My agency pays my money to me and in the process take their cut from it. They also provide me with an accountant (very useful lady) who has helped me save on stacks of stuff.
However the one thing that has to apply where ever you are is that being a DJ is your job. You also have to earn over a certain amount, as you couldn't play out twice in a year and earn £800 doing so, and then deduct £2000 worth of records.
Cheers
Nem |
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| X-Multiply |
| You can do this. Not only can you do this, but you can write off anything related to DJing. As long as you have gotten paid at least once for a gig, you are set. My friend is big into this. He writes off all of his vinyl, the gas he uses to and from gigs, his entire studio which is rather expensive, his turntables, etc... Its pretty crazy all the he writes off. But he does it every year and saves mass money. Me I'm just simply too lazy to do that stuff. |
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| Inertia |
when you say 'job'? do you mean it as your fulltime profession?
in other words, you have to be a dj, and only a dj for it to be
legal? or is having a day job ok? |
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| Luke Terry |
| i think if you claim expenses like that djing also has to be your major source of income. |
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| JRB |
| Well, this subject seems kinda hazy. I do have a day job where about 95% of my income comes from. on the other hand I have played out a handfull of times and gotten paid for it. in 2003 I spent about $600(us) on records, but I also started DJing in april of 2003. thats when I bought my decks, mixer, and studio monitors. so that means I can write all this stuff off? wouldn't I need to make a minimum amount of money before I could write of $2000(us) worth of stuff? |
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