The Mudcat Café TM
Thread #32354 Message #428618
Posted By: JedMarum
29-Mar-01 - 02:51 PM
Thread Name: Tax Deductions for Benefits
Subject: RE: Tax Deductions for Benefits
I am not sure about tax dedcutiosn for charitable events, I have not tried to claim any, but since I am bound to pay income tax on money I earned I took deductions on money I spent earning it; guitar strings, picks, capos, microphones, PA equip, instruments and intrument repairs, CD and music pulications, periodical subscritions, mileage, travel expenses, meals when traveling, telephone and internets services, professional services (accountant, adverts, consulting fees). Everything I could prove that I spent on earning a music income. It was well worth the effort - I still have to pay the bast*rds much more then they deserve (even though they overcharged us to the tune of trillions), but I saved a lot of tax burden and was able to actually invest that money in my own music business.