HELP! Tax question?

Tranny-Cap-Tube · 15th April 2009

Hey guys, if I use my car as a mix checker daily can I count it as a piece of studio equipment? Or just the audio equipment inside it. Could the lease on my car be deducted as if it were being used like my studio building lease?

Tranny-Cap-Tube · 15th April 2009

Lets say I purchase a laptop for $3000 and use it mostly at the studio, but also take it home and watch movies with it, surf the net, etc... Can I claim the $3000 purchase as a studio equipment deduction. What if it were an acoustic gtr? What if it were a $20,000 vehicle? Driving around checking mixes is pretty essential to my business.

DannyMac · 15th April 2009

all deductible - but do yourself a favor and pay a really good accountant for 1 hour of their time to explain what you can get away with in detail - the last thing you want is the tax office after you for messing up on a small detail.

tropicalhotdog · 15th April 2009

Car - no, unless you purchased the car for use as a business vehicle. It's function is transportation. Using it to check mixes will not fly as a deduction. Small companies get audited much more than large ones, so don't play around.

laptop - yes, if you use primarily for your work, which shouldn't be hard to prove if you're audited.

15th April 2009	#1
Tranny-Cap-Tube Gear maniac Joined: Mar 2006 Posts: 249 Thread Starter	HELP! Tax question? Hey guys, if I use my car as a mix checker daily can I count it as a piece of studio equipment? Or just the audio equipment inside it. Could the lease on my car be deducted as if it were being used like my studio building lease? __________________ dfegad .

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15th April 2009	#3
DannyMac Lives for gear Joined: Feb 2008 Posts: 655	all deductible - but do yourself a favor and pay a really good accountant for 1 hour of their time to explain what you can get away with in detail - the last thing you want is the tax office after you for messing up on a small detail.

15th April 2009	#4
tropicalhotdog Lives for gear Joined: Mar 2008 Location: NYC Posts: 531	Car - no, unless you purchased the car for use as a business vehicle. It's function is transportation. Using it to check mixes will not fly as a deduction. Small companies get audited much more than large ones, so don't play around. laptop - yes, if you use primarily for your work, which shouldn't be hard to prove if you're audited.