Tax Time Tips for Magician's

Post topics about the business side of magic.

Postby Matt R » 02/05/09 11:50 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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Postby MagicBilly » 02/05/09 12:37 PM

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.
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Postby Matt R » 02/06/09 11:41 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.
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Postby 000 » 02/06/09 09:46 PM

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