ive been paying taxes on my studio income for the last 5 years and my tax guy said that was probably enough for a studio in my home. if you are renting a commercial space, i would definetly get one.
You saying you payed so much tax money if you had all that money you could have built a home studio?
im saying i pay taxes on my taxable income and also write off expenses.
i do have a really good home studio even with paying the taxes. i want to cover my butt with the irs. eventually i will get a business license as well. writing off expenses allows me to buy more gear. you have much to learn young jedi.
I've never understood writing stuff off as business expense...Does it mean you literally get the money back through your return, or does "writing it off" mean it comes off your taxable income (i.e. you don't literally get 100% of what you paid back)?
Thanks guys...That's what I figured it meant, but the way some people talk, it's like free gear or something
I think I'm going to become/start/whatever an LLC so I can do this. At least going legit, I'll be able to recoup some $$$. Seems like I spend all that I make in recording back into the "business", though...What if your expenses are as much or more than what you made?
Possible?