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Re: Tax Strategies for LOOPERS

Yes, music books, CDs, and stereo equipment are all part of your "library,"
which is essential as a musician so you can be competitive in the
marketplace of musicians.  And, certainly, dayglo green vibrators are an
absolutely indispensable part of any half-way competent musican's arsenal.

I think, in general, if you're going to try and deduct music items from 
taxes, you will have to show some income from music.  Probably music income
= music deductions, at least.  Otherwise you would smell a little fishy to
me, if I were an IRS computer.

I deduct:

- Echoplex Digital Pros
- LoopIV Upgrades
- Computer equipment
- Stereo equipment
- Musical instruments (dayglo green vibrators)
- CDs, DVDs (studying the interplay between the film and soundtrack,
- Private lessons I take from other musicians
- Music books
- Strings
- Tools for working on instruments
- Cables
- Mileage to/from gigs/lessons/rehearsals (I think the maximum deduction is
like $0.36 per mile -- which is a lot when you've got almost 10,000 miles 
your car from gig trips!  Note: this only works if you have an 
in your house, because the first trip you make every day to work is
classified as commuting -- but if your office is in your home, then you
commute from your bedroom to your office and then everything else is a
business trip.)
- Out of town gig meals (Called "per diem," I believe -- every city has a
different value you can deduct.  Expensive places, like Vail, Colorado, 
a per diem of almost $30 a day, I think.)
- A percentage of my rent for my in-home office/studio
- An equivalent  percentage of my utility bills (gas, water, electric,

Luckily music is my occupation as well as my hobby, so I basically write 
everything I buy.  Not sure how much percentage of your income you have to
show to take all this stuff off, but definitely find out if you're spending
lots on gear.  We should all be able to write it off.


----- Original Message -----
From: "Rick Walker/Loop.pooL" <GLOBAL@cruzio.com>
To: <Loopers-Delight@loopers-delight.com>
Sent: Wednesday, April 09, 2003 9:57 PM
Subject: Tax Strategies for LOOPERS

> It cost about $50 - $100 more a year to pay the fines for making
> but I find this more reassuring than having to argue the IRS auditors 
> why I deduct Dayglo Green Vibrating Dildos as musical
> costs..............LOL.