Original question:Linda Ayres, March 6, 2010 Dear Mr. Hunt, I’m an amateur musician. I don’t really earn any money playing the violin, but I play in a community orchestra that plays four or five concerts a year. We are very serious and we sound pretty good. I have the funds to purchase a better violin.[…]
Read MoreOriginal Question: Adam Franklin, Posted March 7, 2010 at 4:37 PM Hi, My wife works full time for an orchestra and receives all the benefits of such – predictable schedule, a contract for the year, insurance, etc. She receives a W-2 from them every January. She is for all intents an employee. However, she also[…]
Read MoreDear Mr. Hunt, I’m an amateur musician. I don’t really earn any money playing the violin, but I play in…
Question: Posted February 22, 2010 at 1:39 PM by Brittney Stanton Mr. Hunt, I’m a young musician filing taxes as an independent for the first time and could use your help. Can I deduct any of the concert attire or music that I purchase? Brittney, There are two parts to your question: for the answer[…]
Read MoreHi, My wife works full time for an orchestra and receives all the benefits of such - predictable schedule, a…
Original Question: Can performing artists (say, orchestra members, working in several groups as employee) deduct mileage to rehearsals and concerts? It is typical in our area for musicians to play in 2 or three symphony orchestras in neighboring communities – and the mileage can really mount up! And yet they are “employees”, getting a W-2.[…]
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Have you ever wondered whether you can deduct your practice room? Your teaching studio? What about the room where you use your computer to do your bookkeeping? Just in time for tax deadlines, violinist and Enrolled Agent Bill Hunt offers his professional advice about when you can and cannot take a home office deduction.
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Bill Hunt’s next installment tackles one of the most common questions symphony musicians have when determining what legitimate tax deductions to take – when can I deduct the clothes I buy to wear at concerts? And what about dry-cleaning costs? Bill presents some thoughtful guidelines to help you stay on the good side of the IRS.
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Bill Hunt is a violinist with the Rochester Philharmonic, and he’s also a professional tax accountant, specializing in tax returns for musicians. We’ve asked Bill to present a column of tax tips specifically geared to the orchestra musician.
His first installment explains a little-known tax category, the “qualified performing artist,” that could save you some money if you’re just starting out on your symphonic career, or if you’re playing with several orchestras while still a student. Bill clearly explains who can take advantage of this tax status.
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In his second article, Bill Hunt, addresses one of the most commonly-asked tax question for musicians: “How do I depreciate my instrument?” Bill explains the Modified Accelerated Cost Recovery System, which is divided into two basic systems: the General Depreciation System (GDS) and the Alternative Depreciation System (ADS). Read on for a concise explanation of a most timely topic.
Send us your performing artist-related tax question, so Bill can address it in a future column.
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Polyphonic.org – The Orchestra Musician Forum – Depreciation of Musical Instruments
[...] I’ll guarantee you your friendly H&R Block tax preparer doesn’t know all the nuance. Click here to read [...]