Tax Time Tips for Magician's

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Matt R
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Tax Time Tips for Magician's

Postby Matt R » February 5th, 2009, 10:50 am

You may find a pointer or 2 useful in this article during this taxing time of year:

Tax Tip Article

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MagicBilly
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Joined: April 13th, 2008, 12:49 pm
Location: Southern Oregon

Re: Tax Time Tips for Magician's

Postby MagicBilly » February 5th, 2009, 11:37 am

Some great pointers; however...

From the CPA world, one of the top five deductions that increase the risk 10-fold that your return will be flagged for review and possible audit is claiming home ofice deductions.

Legit expenses or not, the rules around claiming home office deductions are quite narrow. There are few people if any that can legitimately qualify for it.

Reader beware.
Act Happy, Feel Happy, Be Happy with no reason in the World (D. Millman)

Matt R
Posts: 510
Joined: April 25th, 2008, 1:52 pm
Contact:

Re: Tax Time Tips for Magician's

Postby Matt R » February 6th, 2009, 10:41 am

The link in the article to Pub 587 gives all the details on whether you qualify. Probably the biggest sticking point in the Exclusive Use clause, so if you have a den which is used as your home office and you have a big screen TV in there where the family watches movies, then it doesn't qualify.

000
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Joined: April 16th, 2008, 10:01 am

Re: Tax Time Tips for Magician's

Postby 000 » February 6th, 2009, 8:46 pm

Billy, which are the other 4 deductions youre talking about?


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