Making the Trumpet a "Business"

Discussion in 'Trumpet Discussion' started by trumpettrax, Jul 10, 2006.

  1. trpt2345

    trpt2345 Mezzo Forte User

    858
    4
    May 21, 2006
    Morelia, Mexico
    Rules dictate that a business that you claim cannot show a loss for three years running and still be considered a business. However, if the the adjusted gross income (income minus deductions) falls below $400 you don't pay any tax at all. My theory has always been it's better to buy Stuff than let the gummint get your money. In either case you don't have the money but if buy deductible Stuff (instruments, equipment, whatever) at least you have the Stuff and the IRS doesn't get your money.

    Michael McLaughlin

    "It's too darn hot!"

    Cole Porter
     

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