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DJ'ing, Money, Taxes, and Write-Offs.
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| RJT |
This is primarily a question to the American jocks out there, but if anyone else has any advice I'd gladly take it.
Let me start off by saying that by no means am I a full-time DJ, however, I am starting to make a bit more money (all in checks with receipts) and travel a bit more than I previously had, and I'm really rather interested in properly accounting for my income in the hopes that I can take advantage of tax write-offs and/or breaks.
I'm wondering if any of you have any advice, tips, or notes on what I can receive write offs on (Gas? Equipment?), things I should be accounting for (I've already resolved to keep receipts for everything), and any other potential information that might be pertinent to this kind of situation.
The bottom line for me is that I'd really like to start to manage my money wisely now while I'm young - thanks in advance for any help :) |
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| RJT |
| quote: | Originally posted by leph555
I wish |
I'm pretty sure it should receive exemptions be like any other job, it's not as if I'm asking for "DJ Only Breaks."
I basically mean general breaks that any "small business" (or whatever the it's considered) would get. |
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| pkcRAISTLIN |
| i claimed equipment and vinyl costs last year. for some reason i can only do that 1/3 years though. dont see why the american system would be too different. why not call an accountant come tax time? |
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| RJT |
| quote: | Originally posted by pkcRAISTLIN
why not call an accountant come tax time? |
Yup, that's the plan a this point, I've already spoken with my father about what kinds of things to keep track of (receipts etc.), and I guess I'm just hoping that maybe someone on TA has gone through this all already and can lend a bit of advice :)
Glad to hear you could at least manage something though - gives me hope! :) |
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| pkcRAISTLIN |
| quote: | Originally posted by RJT
Yup, that's the plan a this point, I've already spoken with my father about what kinds of things to keep track of (receipts etc.), and I guess I'm just hoping that maybe someone on TA has gone through this all already and can lend a bit of advice :)
Glad to hear you could at least manage something though - gives me hope! :) |
i didnt quite understand the law here, but i think i need to show a profit if i am going to claim each and every year. as a vinyl enthusiast its hard to post a profit, haha ;) but the one-off claims saved me a LOAD of cash last year. so definitely look into it! |
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| Ted Promo |
| If Jonathan Peters can do it, surely Rob van Turner can! |
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| nrjizer |
My mother is an accountant. I brought this up briefly with her.
By no means did we look thoroughly into it, but she believed that if you're making a certain amount of income off it, you can declare it as a job and thus write off things like records, equipment, etc, as legitmate expenses. Since you'll probably be making very little (in terms of an actual living), you should get some good breaks for that. However, if you aren't making a better income on it within several years, then you can no longer declare it as a job (I suppose it's a matter of "okay, you've been doing this for a few years and you still aren't making a living, find something else").
Again, this was just off the top of her head and is by no means confirmed. |
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| Fl1p |
Keep your receipts and make a record of every business/DJ expense you make and come tax time hire a REAL accountant that knows what he/shes doing (not H&R block type thing) and he/she can tell you what you can write off and what you can't... do some research in your area for a decent accountant.
Hope that helps. |
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| RJT |
Well, one thing I have already is a rock solid accountant (friend of the family for 30+ years, has done all of our taxes for ages), so if what it boils down to is just getting in contact with him on it, that's what I'll do.
Thanks for the information and advice guys :) |
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| Clovis |
Thing is, do you want to trade off having a bunch of write-offs vs. paying taxes on whatever little you make DJing.
For me last year, I didn't make too much DJing, maybe 600-800$ so it made more sense to just keep it under the table, especially since most was in cash.
I only ever got 1 check from DJing and that was for the roof last weekend :p |
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| RJT |
| quote: | Originally posted by Clovis
Thing is, do you want to trade off having a bunch of write-offs vs. paying taxes on whatever little you make DJing.
For me last year, I didn't make too much DJing, maybe 600-800$ so it made more sense to just keep it under the table, especially since most was in cash.
I only ever got 1 check from DJing and that was for the roof last weekend :p |
Oh I agree completely, but I guess I just want to know if I make a few grand over the course of a year whether or not it's in my interests to do this kind of stuff.
Basically I'm caught in limbo right now and so confused I just don't know what the best path is. |
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