Tax Write-offs that All Musicians Should Know About


Tax Write-offs that All Musicians Should Know About

31 Jan, 2023

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The IRS is looking for all the money they can get, and that includes from musicians. The good news is that you might be able to save on your taxes with a few of these tax write-offs:

Instruments - If you bought an instrument in 2017, it may be eligible for depreciation. Depreciation allows the purchase price of the instrument to be spread out over many years instead of being deducted immediately.

Transportation Expenses - While there are limits on what expenses qualify as deductible transportation costs, such as commuting or travel related to performing services, if your profession requires frequent traveling then some of those deductions will apply.

Business Use Of Your Home - You might not think about this one, but if you use a part of your home exclusively for business purposes then you can deduct a percentage of your mortgage interest, property taxes, and other expenses.

You could also qualify for the Home Office Deduction which allows you to deduct a portion of your rent or mortgage payment, utilities, insurance, and repairs.

Talk to an accountant about whether either of these deductions apply to you.

Remember that just because something is tax deductible doesn't mean it's automatically the best choice - always consult with an accountant before making any decisions that could impact your taxes.