Help!!! Self Proprietary -Tax deductible? at DVinfo.net

Harikrishnan Ponnurangam · November 1st, 2005, 11:38 AM

I'm doing a music video project for a band inturn they are giving me a track which i really like for one of my project. A media lawyer prepared the agreement and the signed on it.

Now, regarding the expenses. The budget is $1000. I have no idea how to do a tax deductible. Is it possible to tax deduct when doing self-proprietary work?

Please advice,
Hari

Steve House · November 3rd, 2005, 05:18 PM

As a sole-proprietor many things are deductible, not just direct expenses but depreciation of equipment, office space, telephone, computers, etc. But don't try to do it yourself - talk to an accountant - the few bucks it costs you will be returned many times over in what he or she can save you.

Don Donatello · November 16th, 2005, 12:04 AM

you are going to spend 1000 of your $$ on the video ..
for that 1000 you are going to receive a song to use now/future ( which the band values at ? your completed video)..

bottom line = you are spending 1000 out of pocket and in return you are receiving a 1000 value ( use of song) ... = you may have nothing to deduct other then listing spending 1K and receiving 1K ????

YES you can operate at a loss for awhile .. the IRS knows that you will lose $$ what starting out and that you may do work/project at a loss to promote youself

you "usually" need to have INCOME in order to use deductions ...

are you going to use schedule A or C for deductions ??

November 1st, 2005, 11:38 AM	#1
Harikrishnan Ponnurangam Regular Crew Join Date: Mar 2005 Location: St.Louis, USA Posts: 145	Help!!! Self Proprietary -Tax deductible? I'm doing a music video project for a band inturn they are giving me a track which i really like for one of my project. A media lawyer prepared the agreement and the signed on it. Now, regarding the expenses. The budget is $1000. I have no idea how to do a tax deductible. Is it possible to tax deduct when doing self-proprietary work? Please advice, Hari

November 3rd, 2005, 05:18 PM	#2
Steve House Inner Circle Join Date: Mar 2005 Location: Hamilton, Ontario, Canada Posts: 5,742	As a sole-proprietor many things are deductible, not just direct expenses but depreciation of equipment, office space, telephone, computers, etc. But don't try to do it yourself - talk to an accountant - the few bucks it costs you will be returned many times over in what he or she can save you. __________________ Good news, Cousins! This week's chocolate ration is 15 grams!

November 16th, 2005, 12:04 AM	#3
Don Donatello Hawaiian Shirt Mogul Join Date: Nov 2001 Location: northern cailfornia Posts: 1,261	you are going to spend 1000 of your $$ on the video .. for that 1000 you are going to receive a song to use now/future ( which the band values at ? your completed video).. bottom line = you are spending 1000 out of pocket and in return you are receiving a 1000 value ( use of song) ... = you may have nothing to deduct other then listing spending 1K and receiving 1K ???? YES you can operate at a loss for awhile .. the IRS knows that you will lose $$ what starting out and that you may do work/project at a loss to promote youself you "usually" need to have INCOME in order to use deductions ... are you going to use schedule A or C for deductions ??