Trumpet Discussion Discuss Making the Trumpet a "Business" in the General forums; Originally Posted by brian moon
Originally Posted by Alex Yates
All of this is fine and dandy, but the most ...
Mezzo Forte User
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.
Originally Posted by brian moon
"It's too darn hot!"
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