@WillPHarrison
Will Payne Harrison
1 year
Tax write off for album this year: $10k. Royalties: $200 Turbo Tax: “You sure this isn’t a hobby?”
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Replies

@WillBridges15
Will Bridges
1 year
@WillPHarrison For me it doesn’t if it’s “just” a hobby. I know it’s an important distinction for you, but for those who incidentally encounter your music you are an artist worth knowing. Would it help if I wrote the IRS a note for you?
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@WillPHarrison
Will Payne Harrison
1 year
@WillBridges15 Could you?
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@joe_mcclour
Joe McClour
1 year
@WillPHarrison Same. I reported my $47 in royalties and didn’t bother with my expenses. I don’t wanna risk an audit over some piddling amount.
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@WillPHarrison
Will Payne Harrison
1 year
@joe_mcclour Luckily I have all my receipts. Here’s hoping next year is in the green.
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@bendanaher
Ben Danaher
1 year
@WillPHarrison Hahaha. I just had this conversation with my wife. Her words. “The IRS is probably like… “probably time to hang it up bud…”
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@WillPHarrison
Will Payne Harrison
1 year
@bendanaher Haha I think they said “if you continue to lose money the IRS may count this as a hobby”
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@PendantCody
Cody Pendant 🐎 🎸🤠
1 year
@WillPHarrison Heh heh 👍
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@David_Newbould
David Newbould
1 year
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@jasonhpilling
Jason Pilling 🪕🎸🎤
1 year
@WillPHarrison You need an accountant that understands your business
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@BigJTheHBombs1
Big J & The H Bombs 🪚😎🎸
1 year
@WillPHarrison SweetWater: so, you got $200 bucks, eh?
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@Ofcoursehedoes
CHOCKYNILK
1 year
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@thecowboyinc
Ronald Zahursky
1 year
@WillPHarrison I believe you’re allowed 3 years of loss as investment in your business. Screw turbo tax. Get a good accountant. Although after 30 years mine is like, “yeah we’re not writing all this off”
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