DJ Tax time!

[Jester]

not an issue here mate. we call them "cashies"

[BentoSan]

if you wanna avoid taxes i would recommend not talking about it on the forums *dobs u all in* lol

[Karlos Santos]

Karlos, you can claim percentages of things, just like home offices, and such. I was also weary hence I only claimed about 30% of my total clubbing expenses.

Yeah totally. I get a home office allowance that accounts for electricity etc.
The definition is that it is a room in your home that has a desk, chair and computer.
Unfortunately as theres a computer in every room in my house apart from the bathroom i cannot claim for 5 offices

if you wanna avoid taxes i would recommend not talking about it on the forums *dobs u all in* lol

+1 ... or in fact talking about it at all ever.

[Jester]

Just say you work for Google or G.E ... Lol

[TABS]

I only know what a tax refund is. Owe the government money?! you must be doing something wrong.

And before people say you let the gov borrow your money interest free...eh not really...I typically get back triple what I paid in.

[BentoSan]

apart from the bathroom

dont you play with your ipad on the toilet ? - you just need to install a desk in there and your sweet haha

[djproben]

You can take losses for no more than 3 consecutive years before IRS begins treating your business as a hobby.

The 3 years test is only one test that they use; it is not the only one; see http://www.nolo.com/legal-encycloped...ess-30000.html

Many legitimate businesses take a loss more than 3 out of 5 years.

[josh@firestorm]

For anything to be a 100% deductible expense in UK it has to be 100% used for your business. Of that i am certain.

Im not saying that you cannot claim your clubbing expenses but they are not 100% deductible in UK as you cannot 'prove' that it is 100% business and not personal.

Very possible that the IRS see things differently to HMRC (Her Majesty's Revenue & Customs).

In all honesty, I have never even thought about claiming for clubbing.

Ill be speaking to my accountant. It cost me about £1000 to go to Glastonbury last year when you add up the van hire and ticket and booze

you can claim concert/festival tickets or ticketed nightclub events here in australia.. and im sure general nightclub entries too if you ask them for a taxation receipt. you can only claim booze up to a certain amount if you can prove its work related, ie taking a promoter out for dinner to try and get future gigs.

you can claim $X amount a day for meals when working for yourself, ie if you are djing on a day when you didn't work your regular day job.

[guiltyblade]

you can claim concert/festival tickets or ticketed nightclub events here in australia.. and im sure general nightclub entries too if you ask them for a taxation receipt. you can only claim booze up to a certain amount if you can prove its work related, ie taking a promoter out for dinner to try and get future gigs.

you can claim $X amount a day for meals when working for yourself, ie if you are djing on a day when you didn't work your regular day job.

Yes I did this to some extent as well. But I was weary claiming it all would bite me in the ass and get me audited. I would rather claim a little bit, and stay under the radar then trying to gain an extra couple hundred bucks. But i totally agree, I claimed concert tickets etc. I was able to pull credit card statements for club transactions, and ticket purchases. Thats how I did it. Anything I paid in cash with that I didn't save my receipt for I considered a wash. But also many of those times were just me going out to meet new people, which could in turn be called marketing and promotion, but I wasn't trying to show that partying was what my 2nd job was.

I'd be a lot more careful and conscious of expense reporting things if Djing was my full time job, or only job. Since I have a really great full time job and my 2nd job "hobby is djing to get gigs I'm not trying to claim everything.

Also yes on the not turning a profit is 3-5 years. Many companies don't turn profits then, but if you can show a trend of growing and expansion you have more of a case to be able to continue claiming aspects of that business. I'm not trying to get rich off DJing, but if DJing can break me even on gear, music, and going out to promote myself more I certainly will try to keep doing it.

But you never know there are some very successful local djs who 2nd job djing rivals people first jobs easily!

[Killa St.Louis]

Everyone fears the word audit, but there are different types of audits. As long as you are not intentionally attempting fraud, you should report everything you are entitled to. The IRS will request receipts. If you can't provide, they will just remove that deduction. It is everyone's responsibility to obtain the maximum tax refund they are entitled to. IRS will only conduct an in depth audit if they suspect fraud. Just like any crime, they must prove the fraud. Claiming a deduction you reasonably believed appropriate is not fraud.