Tag: Expenses
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Bonus Depreciation for Self-Employed Musicians
We’ve written extensively about the loss of tax deductions for W-2 musicians under the new Tax Cuts and Jobs Act (TCJA). For self-employed musicians, however, there are some changes for 2018 which may benefit you if you are an Independent Contractor (1099), Sole Proprietor, or have formed an LLC or Corporation. Specifically, Section 179 has been…
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Tax Bill Passes; Strategies for Musicians
Two weeks ago, we posted how musicians would lose their tax deductions under the proposed tax bill in the Senate. Let me again state that this applies to musicians who take itemized deductions on Schedule A against their W-2 income. For 1099 income or self-employment income reported on Schedule C, there will be little or…
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George M. Cohan and Keeping Receipts
Happy Birthday today, July 3, to George M. Cohan, broadway composer of Yankee Doodle, You’re a Grand Old Flag, Over There, and countless other hit songs. In 1930, George found himself in hot water with the IRS. He lived a lavish life, spending cash, and deducting his expenses without receipts or evidence. The IRS challenged…
