VO-BB - 20 YEARS OLD!

[TheVoiceOfBob]

This is my first year having any substantial equipment to claim on my taxes for business. I've previously claimed "entertainer/personality" type stuff for acting gigs, live MC work, etc... but didn't need much equipment there.

Since I purchased a good bit of home equipment for this year, I was looking for advice on how best to do this. I went through and just bascially added in the cost of everything, added in the date of purchase, etc... and allowed my tax software to chose what kind of depreciation I should use. Is this the best way? Suggestions please.
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Try to imagine a world where there is no such thing as hypothetical situations.

The Voice of Bob

[Dan-O]

I do know that listing yourself as an "Entertainer" greatly increases your chance for an audit. It is mainly used for people who are in the live performance industry (musicians, magicians...). I list myself in the advertising industry. Ask a tax pro to make the best selection for you.

My tax guy also said do not write off equipment under $250. List those items in the Supplies.

Again, consult a tax professional.

[Deirdre]

Ditto the Dan-o show.
My accountant charges me $240 to make sure I get all the deductions right, the depreciations correct, and he prepares tax returns for three states.

He's one helluva sharp guy, and knows the law.
That and the fact that he used to be a firefighter may be why I've never had an audit.
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IMDB

[CWToo]

TAX ADVICE: Get a good accountant. After all, you are a business.

[TheVoiceOfBob]

All my work up to this past year was live performance stuff, so that was the reason for entertainer. Perhaps I should change it this year.

Yeah, supplies. That does make more sense and simplifies it.

If I don't produce more work, this may all fall under "hobby".
_________________
Try to imagine a world where there is no such thing as hypothetical situations.

The Voice of Bob

[Lizden]