73 P Bass Posted February 4, 2004 Share Posted February 4, 2004 Just did my taxes and I feel I deserve a present for working so hard all year, problem is I don't know what to get. I like my basses, I like my amp; what's a boy to do? "Start listening to music!". -Jeremy C Link to comment Share on other sites More sharing options...
Ayatollah Watts Posted February 4, 2004 Share Posted February 4, 2004 I'm thinking about getting.. a Les Paul (forgive me ) Pain teaches what pride won't let you learn... Link to comment Share on other sites More sharing options...
lowfreq Posted February 4, 2004 Share Posted February 4, 2004 I'm thinking about an Amber Fender Jazz Deluxe FMT. So is it pain or pleasure? I guess only time will tell. "The Blues is the Roots, and the rest is the Fruits" Willie Dixon Link to comment Share on other sites More sharing options...
Russfingers Posted February 4, 2004 Share Posted February 4, 2004 Hey, I am a CPA.Write off your gear as a business expense,up to $125,000 for '03, on sch C.Show a small loss for two years and offset your W-2 income from your reg. job.3 years of losses and the IRS can declare it a hobby and disallow the deductions.Show some of your gig revenue as income.The deductions include picks,strings,amps,PA's guitars depreciation,gas,car wash , garage ,rep airs insurance all pro-rata(ie 50-75%).You need to keep a log showing from to and from locations and mileage to substaintiate the auto deduction.If you need further help please feel free . Link to comment Share on other sites More sharing options...
Scoot Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by Russfingers: 3 years of losses and the IRS can declare it a hobby and disallow the deductions.What if I'm involved w/ a partnership for 3 years, and the 3th year (this year) has different band members? I'm guessing it wouldn't matter since they are MY taxes, but it's worth asking. Ah, nice marmot. Link to comment Share on other sites More sharing options...
Aussie bass dude Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by Ayatollah Watts: I'm thinking about getting.. a Les Paul (forgive me )A Les Paul Bass? or A les Paul Guitar I have a Les Paul bass (standard), and I love it My guitarist has a Les Paul guitar (standard), and I love it cant go wrong with Les in my opinion when do you guys have to do your tax?, we have to do ours in July....oh yeah no beer until July 1 Link to comment Share on other sites More sharing options...
... Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by Scoot: Originally posted by Russfingers: 3 years of losses and the IRS can declare it a hobby and disallow the deductions.What if I'm involved w/ a partnership for 3 years, and the 3th year (this year) has different band members? I'm guessing it wouldn't matter since they are MY taxes, but it's worth asking.Get yourself a good tax accountant that understands the ins and outs of being a working musician. I'm getting a silly-big return again this year because I have a person that knows what can and can't be done without doing lots of trickery that can get you audited and burned. Of course, buying a house also helps a huge amount. I plan on replacing my entire main bass rig with my tax return this year. Link to comment Share on other sites More sharing options...
73 P Bass Posted February 4, 2004 Author Share Posted February 4, 2004 Originally posted by Bumpcity: Of course, buying a house also helps a huge amount. Having kids has a similar effect. "Start listening to music!". -Jeremy C Link to comment Share on other sites More sharing options...
mound Posted February 4, 2004 Share Posted February 4, 2004 what am I gonna get? I'm gonna get to write a check to the government for the grand I owe! yah! "You look hopefully for an idea and then you're humble when you find it and you wish your skills were better. To have even a half-baked touch of creativity is an honor." -- Ernie Stires, composer Link to comment Share on other sites More sharing options...
saxofunk Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by 73 P Bass: Having kids has a similar effect.But kids are noisy and they don't provide shelter or climate control. So if you get to choose, choose house! Not to mention, everything you save with kids goes right back into feeding, diapering, and painting the walls they draw on. I'm optomistic this year, though. Haven't done the taxes yet, but maybe I can manage a 210 and/or preamp in addition to all the food & diapers. - Matt W. Link to comment Share on other sites More sharing options...
Danzilla Posted February 4, 2004 Share Posted February 4, 2004 on the Les Paul- I have a 5 string LP that's got a lot of bottom & grind! I'm hoping to get enough refund to: 1) Pay for sending my son to private high school 2) pay for my trip to Nashville in April for GMA conference 3) Pay for a new head or a fretless 5 string 4) Get something for the wife so she won't be ticked off about #2 & 3 "Am I enough of a freak to be worth paying to see?"- Separated Out (Marillion) NEW band Old band Link to comment Share on other sites More sharing options...
JLsound Posted February 4, 2004 Share Posted February 4, 2004 I have my fingers crossed: If all goes well I hope to have a new Bass, and a new acoustic guitar. However, every year seems to be a crap shoot, when it comes to income taxes. Jim http://www.artistlaunch.com/artist4.asp?artistid=3633 http://www.myspace.com/jlockmusic Link to comment Share on other sites More sharing options...
ModmanQ6 Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by Aussie bass dude: Originally posted by Ayatollah Watts: I'm thinking about getting.. a Les Paul (forgive me )A Les Paul Bass? or A les Paul Guitar I have a Les Paul bass (standard), and I love it My guitarist has a Les Paul guitar (standard), and I love it cant go wrong with Les in my opinion when do you guys have to do your tax?, we have to do ours in July....oh yeahLes is more! http://www.acousticalsolutions.com/ Basses: '73 Fender Telecaster Bass '85 Modulus Quantum 6 Thruneck Custom Pre-Serial '86 G&L L2000 Fretless Opus 5 String "Frankenwood" Fretless www.Ebassist.com Link to comment Share on other sites More sharing options...
Tom Capasso Posted February 4, 2004 Share Posted February 4, 2004 Originally posted by 73 P Bass: Just did my taxes and I feel I deserve a present for working so hard all year, problem is I don't know what to get. I like my basses, I like my amp; what's a boy to do? Well if you are happy, I need a new amp.... Tom www.stoneflyrocks.com Acoustic Color Be practical as well as generous in your ideals. Keep your eyes on the stars and keep your feet on the ground. - Theodore Roosevelt Link to comment Share on other sites More sharing options...
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