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Re: Tax Strategies for LOOPERS
At 11:45 PM -0700 4/9/03, John Tidwell wrote:
>In any case, most of the equipment we use would be depreciated over
>a number of years rather than expensed all at once. In a business
>strings might be expensed since they are "used up" within a year.
>Your brand new Eventide is expected to last a bit longer however.
Major equipment purchases can be expensed within limits determined by
the Schedule C income. This is easiest to justify if the item was
purchase for 100% business use. Certain "listed" equipment (which
includes computers and musical equipment) falls within these
I recommend that those of you who don't have an accountant use a tax
preparation program such as Turbotax. These typically come with
electronic copies of federal tax guides and reference books.
Richard Zvonar, PhD