Musical Instruments When a musician buys an instrument or equipment that has a useful life of longer than one year, he or she can depreciate it over the tax life of the item—usually seven years. This has the effect of spreading out the deduction over time. An alternate course would be to expense the purchase […]
Read MoreOffice in Home In our homes or apartments, musicians all have a room in which they practice or teach, but for that room to be considered a home office and deducted on our taxes, it must meet certain requirements established by the IRS. For example, that part of your home must be used regularly and […]
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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.[…]
Read MoreHere is a recent question that came in from Mer Boel: Can performing artists (say, orchestra members, working in several…
It’s that time of year and as a service to you, our loyal readers, our resident musician/MBA/tax expert, Bill Hunt will answer your tax questions right here until April 15th. So–don’t be bashful. Ask away.
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