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Re: Managing a developing, young businessWrite off everything you purchase that is remotely related to the business. This includes such things as 1) your cell phone, 2) your camera (you take pictures of your gigs don't you?), 3) your computer, 4) Any and all office equipment, 5) Clothes that you wear to a gig, 6) Any vehicle mileage having anything to do with a gig such as a sight survey or a drive to the store to buy gear or supplies. KEEP A MILEAGE LOG BOOK! This is important and you will be amazed at how much this adds up to at the end of the year. 7) A portion of your house payment if you have a home office. 8) Any food expense at a gig. 9)Work boots. The list goes on and on and these are all legitimate write offs if you document them correctly. Want a new boat? Paint the name and number of your business on it and it is an advertising expense. This is a creative example but you get the idea.
Re: Managing a developing, young business
Write off everything you purchase that is remotely related to the business. This includes such things as 1) your cell phone, 2) your camera (you take pictures of your gigs don't you?), 3) your computer, 4) Any and all office equipment, 5) Clothes that you wear to a gig, 6) Any vehicle mileage having anything to do with a gig such as a sight survey or a drive to the store to buy gear or supplies. KEEP A MILEAGE LOG BOOK! This is important and you will be amazed at how much this adds up to at the end of the year. 7) A portion of your house payment if you have a home office. 8) Any food expense at a gig. 9)Work boots. The list goes on and on and these are all legitimate write offs if you document them correctly. Want a new boat? Paint the name and number of your business on it and it is an advertising expense. This is a creative example but you get the idea.
