It's TAX TIME and not a single moan or groan on the board. That has to mean that most didn't make enough to have to pay any OR you made so much that you didn't care OR (and most likely) you lied like hell on your tax return.

As a poor old retiree, I don't usually get hit with much of a tax bill, but this year I made a fatal mistake. I took a pretty hefty IRA distribution to help my then unemployed daughter (I paid off her mortgage) and pick up a small investment property. I had what I thought was a sure sale on a property I had on the market and was sure I'd be able to roll it back in within the allowed 60 days. Didn't happen. Result - distribution treated as ordinary income.

So what does this have to do with arrangers? Just this. I could have bought 4-5 AUDYAS with the check I just sent to the US Treasury Dept.

Oh well, beats going to jail...........I think.

chas

The man likes to play Nord; let's get him some Nords.


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Bo pen nyang.

Or with the price of the Audya you could have bought three S910's

Wrong prison!!!

This is the one...




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Bo pen nyang.

Chas, that's WHY you buy Audyas and other gear. You can write the whole thing off in one year. Beats sending it to Sam.
DonM

Don, you can't write off the cost of an Audya in one year. There are rules about capital equipment and dollar limits to the charge-off.
there are some choices to be made about the way equipment is charged off. Most people choose straight line depreciation over three years, but there are options. Sorry...


Russ

Chas-did the same thing. Helped a kid (mine) with a rehab. Had it sold, but financing fell through. Didn't make the 60 day payback.

Russ

Russ,

The Audya does not have to be categorized as capital equipment, therefore, it can be written off for a single tax year.

Tax time has never been a hassle for me, mainly because I keep meticulous records of my expenditures and income. For this I use Quicken and Quickbooks, both of which are outstanding programs for small business operators such as OMB entertainers. And, Quicken interfaces with Turbo-Tax, which makes life a lot easier when it comes time to file your return(s).

Turbo-Tax also has attached programs that provide you with tax rules, regulations, and guidelines about those deductions.

Books such as "Tax Loopholes--All The Law Allows" are extremely beneficial for finding additional deductions that would normally be overlooked by most bookkeepers and accountants. Last, but not least, be sure to put some money away for your eventual retirement. Depending upon your current age, the amount will vary from $3,500 to $5,000 that you can contribute. This will bring your adjusted gross income down by a considerable margin, thereby allowing you to not only pay less income tax, but additionally, have have a nest-egg if something catastrophic were to occur. ROTH IRAs are usually a good bet for this purpose.

Most full-time, musician/entertainers get to retire three days after they're dead, and the vast majority I know personally died flat broke. Most were pretty happy--but broke.

Good topic, Chas, especially this time of year.

Gary

Well, for 2009 we also made a LARGE 'contribution' to help pay off the national debt and help balance the State budget ...
For a variety of reasons - fortunately most of them were enjoyment - we also took considerable $$$ out of the 'portfolio' in 2009 ... the initial mistake we made was not to have taxes taken out ... now when we withdraw from the portfolio we have them calculate an estimated tax as well ...
Now to keep this thread 'arranger related', I also have one steady gig for which I get a 1099 and there is no tax taken out of there either ...
Our tax consultant has advised that we make a quarterly 'contribution' to Uncle Sam, but I'm thinking I will hold onto what I feel is mine as long as possible ... In fact, we had our taxes completed a while ago, but those checks aren't going out until tomorrow ...

And chas, I'm not going to whine because as I have often said "There are more people in this world who would want to trade places with me, than there are people I would want to trade places with" ... so I grin and bear it ...
t.