OT: DJ'ing Tax questions

[OhNoNolan]

Alright, so I'm getting ready to file my taxes...here is where I'm at.

I have equipment for Dj'ing that I've bought for myself and it has rolled into business use. I do not plan to deduct these. My first gig was in August '10. This is when I put down my business start date. So any purchases after that I'm putting as assets (VCI-100! Whoop Whoop!) Because these are the only things I've ONLY used for moving towards making money. Last year I made like $480 for the few gigs I had. Only one paid check, rest was all cash. So my business made a loss with my equipment purchases that I put down on my return.

Am I at risk of an audit? Should I just put the income earned and avoid trouble? And could I get in trouble for having bought equipment for the business but not putting it as an asset?

I hate taxes.

If anyone can share their DJ tax experiences or point me in the direction of information I'd really appreciate it.

[JesC]

i would suggest to talk to the person that files your taxes. most of use here do it as a hobby, and the ones that make some money from it, use end up breaking even from what we make at gigs to what we spend on gear, music, internet, etc.

[photojojo]

i would suggest to talk to the person that files your taxes.

+1 talk to a pro. Try and find one that will help you out in case of an audit.

[completej]

turbo tax is free to use and it will help estimate your taxes, in the event you plan on filing.

not sure if its wrong, but if it isnt something you live off of, i wouldnt even file eh?

[Coldfuzion]

I doubt they would audit you for such a small amount, but then again who knows! You could be the lucky random # that gets chosen!

[josh@firestorm]

here in australia you need what they call an ABN (which is basically a registered business number) in order to get paid from clubs - unless they are being dodgy and paying cash under the table... and if it's not your main source of income (and you earn under a certain amount per year), you dont need to declare it up to about $30,000 (dont quote me on that figure) as its considered a hobby business.

im sure the US would be similar so talk to your local tax agent