WTF Do Guitars, Spandex, And A Room In Your House Have In Common?Posted: April 17, 2012
If you file a DBA (Doing Business As) form under your band’s name you can write them all off on your taxes (the spandex is for all you 80’s cover bands). As I sit here scrambling to finish my taxes I decided to spread the word in case there is a band out there that hasn’t taken the time to look into this nifty way to get some money back from the IRS.
Unless your band is making huge money or is worried about being sued, there is no need to go through the mountains of paperwork and cost of incorporating. Filing a simple and cheap DBA form will give you all of the tax saving benefits as if you were incorporated. You could write off amps, guitars, the portion of your house you rehearse in, strings, mileage to gigs, your band’s website, stage clothes, the pens and paper you write your set list on, music you purchase to learn cover songs, and anything else your band requires to do business.
Of coarse you would also need to claim all of your earnings as well. The best thing to do is to seek out a tax professional and see if your band would benefit. Now I must go back to my taxes, where the hell are my receipts?