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Re: Tax Strategies for LOOPERS



At 11:45 PM -0700 4/9/03, John Tidwell wrote:

>In any case, most of the equipment we use would be depreciated over 
>a number of years rather than expensed all at once. In a business 
>setting, guitar
>strings might be expensed since they are "used up" within a year. 
>Your brand new Eventide is expected to last a bit longer however.

Major equipment purchases can be expensed within limits determined by 
the Schedule C income. This is easiest to justify if the item was 
purchase for 100% business use. Certain "listed" equipment (which 
includes computers and musical equipment) falls within these 
limitations.

I recommend that those of you who don't have an accountant use a tax 
preparation program such as Turbotax. These typically come with 
electronic copies of federal tax guides and reference books.
-- 

______________________________________________________________
Richard Zvonar, PhD
(818) 788-2202
http://www.zvonar.com
http://RZCybernetics.com