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Category: Taxes

Musicians and Home Office Tax Deductions

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This is the last in our series, “Things a Musician Should Know about Taxes.” As usual, William Hunt is our resident Polyphonic.org  tax expert. Not only is he a superb violinist, he also has an MBA in finance from the Simon School at the University of Rochester. I don’t know of anyone more knowledgeable than Bill

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Depreciation of Musical Instruments

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It’s tax time, so here’s our second Editor’s Choice in this series of tax related articles. William Hunt is our resident Polyphonic.org  tax expert. Not only is he a superb violinist, he also has an MBA in finance from the Simon School at the University of Rochester. I don’t know of anyone more knowledgeable than Bill

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Beneficial Tax Treatment for Qualified Performing Artists

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It’s tax time, so for the next few weeks the Editor’s Choice will feature tax related questions. William Hunt is our resident Polyphonic.org  tax expert. Not only is he a superb violinist, he also has an MBA in finance from the Simon School at the University of Rochester. I don’t know of anyone more knowledgeable than

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One Wow and One Uh-Oh

1 Robert Levine

This letter appeared in Saturday’s Minneapolis StarTribune: As former music directors of the Minnesota Orchestra, we came to the state because we believe that it wants and deserves to have a world-class orchestra. We are proud of the cultural gem we have built, with the musicians, for more than half a century. It required long

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Tax Time-1099s and W2s

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Let’s assume that anyone reading this knows that the sum total of all the money an individual earns is called the gross. It is reported by your employer to the Federal Government in the form of a wage and tax statement called a W-2, and a copy is sent to you each January for the [...]

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Tax Time–Musical Instruments and Depreciation

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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 [...]

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Tax Time – Musician's Office in Home

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Office 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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Depreciation of Musical Instruments

1 William Hunt

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.

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Musician Tax Questions

0 William Hunt

Original 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

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Is Concert Clothing Tax Deductible?

1 William Hunt

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

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Tax Questions

2 William Hunt

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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Your Tax Questions Answered Here

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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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