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Thread: How do you guys handle taxes?

  1. #1
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    Default How do you guys handle taxes?

    I got spanked this year - paid taxes on every gig the band played.

    How do you guys work out spreading out the taxes?
    Guitars: 2008 Gibson SG Classic, 2006 Gibson Les Paul Standard LE, 2002 Gibson SG Supreme, 2001 Gibson Les Paul Studio Plus, 1996 Les Paul Studio Gem, American Deluxe Double Fat Strat, Bluesville "Super" Strat Copy, MIK Fender "Limited Edition" Tele, JD Bluesville "Night Pilot", Yamaha AES 820, Steinberger Spirit GT Pro, Taylor 355CE, Ovation 1897 Adamas, Ovation CC057 Celebrity

    Amps: Axe FX centered rack rig, Mesa 4x12 cab. Germino Club 40, Johnson JM150 Millennium, Johnson JM250 Millennium, Gibson Titan Medalist Frankenstein.

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  2. #2
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    Are you claiming gig dough as revenue? I guess it's gotta be done if it's your main source of income, or if you are being paid scale as a professional...

    We're way underground and below the radar, plus we only deal in cash : The Man get's it out of me in beer revenue, lottery tickets and smokes anyway :
    Electrics: Hagstrom Ultra Swede (Gold Eagle Burst) Gretsch 5120 Electromatic (Orange) Custom Nashville Blackout Telecaster (Black, Stat mid/neck p'ups; Lil Puncher (Modern Vintage) bridge p'up; Wilkinson Compensated Bridge w/ 3 brass saddles, Warmoth Vintage Modern Birdseye Maple Neck) Fender MIM Stratocaster (Blue Agave, Rosewood Fretboard, Fender Tex-Mex p'ups; GFS Trem/Block Kit) Highland Spitfire (semi-hollow, flame maple top w/ bubinga inlay)
    Acoustics:Washburn D10CEQSB, Yamaha FG160E
    Bass: Westone Spectrum ST, Warwick Rockbass Corvette Basic Active
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  3. #3
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    For the purposes of social security, I'm considered self-employed (don't ask--the IRS rules there are convoluted) so I file estimated payments quarterly. It's easy for me since my income is predictable. It's a little harder for you, but you can use previous year's taxes as a guideline.
    Axen: Jackson DK2M, Fender Deluxe Nashville Telecaster, ESP LTD Surveyor-414
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  4. #4
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    The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :
    Guitars: 2008 Gibson SG Classic, 2006 Gibson Les Paul Standard LE, 2002 Gibson SG Supreme, 2001 Gibson Les Paul Studio Plus, 1996 Les Paul Studio Gem, American Deluxe Double Fat Strat, Bluesville "Super" Strat Copy, MIK Fender "Limited Edition" Tele, JD Bluesville "Night Pilot", Yamaha AES 820, Steinberger Spirit GT Pro, Taylor 355CE, Ovation 1897 Adamas, Ovation CC057 Celebrity

    Amps: Axe FX centered rack rig, Mesa 4x12 cab. Germino Club 40, Johnson JM150 Millennium, Johnson JM250 Millennium, Gibson Titan Medalist Frankenstein.

    Effects: Tonebone Trimode, EH Holy Grail, Boss CH-1, Dunlop Crybaby Classic, Framptone Amp Switcher, THD Hot Plate, Yamaha AG Stomp Acoustic Processor, Boss BCB-60 Pedal Board.

  5. #5
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    Quote Originally Posted by Plank_Spanker
    The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :
    Plank, they did that here in the Midwest 20 yrs. ago when times got tough.
    I played in bars another year, then quit when I was pretty much playing for free after figuring in gas money driving to the gigs. A good accountant might help you figure mileage and equipment cost/depreciation, but I didn't have one at the time. Tax laws change every year, so if I were you I check into it.
    Guitars
    Wilburn Versatare, '52 FrankenTele(Fender licensed parts), Fender USA Roadhouse Strat, Fender USA Standard B-bender Telecaster, Agile AL 3000 w/ WCR pickups, Ibanez MIJ V300 Acoustic, Squier Precision Bass,
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  6. #6
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    Quote Originally Posted by Plank_Spanker
    The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :
    yep... that'd do it. Good excuse to keep buying gear, tho. "Really dear, I need to buy another guitar/amp/pedal for the deductions or the taxman is gonna really ding me!"
    Electrics: Hagstrom Ultra Swede (Gold Eagle Burst) Gretsch 5120 Electromatic (Orange) Custom Nashville Blackout Telecaster (Black, Stat mid/neck p'ups; Lil Puncher (Modern Vintage) bridge p'up; Wilkinson Compensated Bridge w/ 3 brass saddles, Warmoth Vintage Modern Birdseye Maple Neck) Fender MIM Stratocaster (Blue Agave, Rosewood Fretboard, Fender Tex-Mex p'ups; GFS Trem/Block Kit) Highland Spitfire (semi-hollow, flame maple top w/ bubinga inlay)
    Acoustics:Washburn D10CEQSB, Yamaha FG160E
    Bass: Westone Spectrum ST, Warwick Rockbass Corvette Basic Active
    Amps: Vox NT15H/V112NT Night Train, Peavey Bandit 112, Hartke HyDrive 210C Bass Amp, Vox DA5


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