'Sleeper'
There's a lady plays her fav'rite records/On the jukebox ev'ry day/All day long she plays the same old songs/And she believes the things that they say/She sings along with all the saddest songs/And she believes the stories are real/She lets the music dictate the way that she feels.
Nope. You just have to file a Schedule C and be able to prove (if audited) that you're trying to make it a profitable business. There used to be an IRS reg that the business had to be profitable in at least two of the last five years (I think), but the courts threw it out.
I seriously doubt that anyone would believe me. I mean, we spent at least $1500 last year recording, and probably made $750 or less throughout the year. And that doesn't take into account the money we each spent on equipment.
But everyone knows that Making It As A Rock Star requires years of penury! Don't they watch VH-1?
I seriously doubt that anyone would believe me. I mean, we spent at least $1500 last year recording, and probably made $750 or less throughout the year.
You might be right, but for the wrong reasons. Shawn can correct me, but what matters is not how much you lose, but whether you make a good faith effort to be profitable. For example, in the past, The Lothars hired a publicist, we've gotten national press, charted on CMJ, and we worked with independent distributors to get our product out there. We never sold more than a couple hundred CDs, but we tried. From what I know about TDS, you didn't really do much other than play some local shows and sell some CDs at the shows? I'm not belittling, just trying to get a sense of what you guys did.
what matters is not how much you lose, but whether you make a good faith effort to be profitable
Sounds right to me. Plus, you don't have to turn a profit or intend to that year-- as long as you ultimately intend to have a profitable business and not a tax shelter.
FWIW - my buddy at work who has a band (Trucker - no reason anyone would have ever heard of them) but is a full time web designer has been writing off equipment, CDs, computer stuff, travel, etc. for three years for taxes and has never shown any profit from the band.
He says it makes a huge difference in his taxes. He also says Hi to the music nerds. He is sitting next to me as I type this.
as long as you ultimately intend to have a profitable business and not a tax shelter.
Right. That's why the IRS originally had that "2 out of the last 5 years" rule. You got a free pass for three years, then you were out of the game. But the courts said that just because you're a lousy businessman, doesn't mean that you're not running a legitimate business and they threw the rule out.
erinaceous! I blame thank you -- I bought a Pizzicato Five CD today, based pretty much on the song you put on one of the mix CDs you sent.
In fact, almost all the new-to-me music I've gotten over the past 6 months or so can be traced back to you -- OkGo, Snake River Conspiracy, Big Sandy, and now Pizzicato 5.
I bought a Pizzicato Five CD today
Pizzicato Five! Man, that name takes me back ...We used to listen to Five by Five all the time in college.
So I've been doing a lot of organization on the book and will be knee deep in it all weekend (and for the rest of the month really). And I just wanted to say...this is fun! Damn, we really did get an amazingly broad selection of music covered here. Classic cult bands, real obscurities, lesser known works by famous musicians, just about every genre imaginable: indie, Afro-pop, soul, funk, disco, jazz, latin, country, punk, pop. I mean...we've got Frank Sinatra Jr. and Schoolly D and David Allen Coe in here.
It's a great read and it makes you real itchy to hit the record bins. "I must track down that Potatomen record! I can't live without Dogbowl! Must.Find.Lewis.Furey."
And I just wanted to say...this is fun!
Yay!! That's how it should be - but so often isn't. Yay.
I'm headed home with a stash of new music for the weekend. I had never heard a Sleater Kinney album all the way through before today. Wow. I was missing out.
I also just realized I never did put Hec's mix in the mail - it's all packaged up in my bag still - so I'll see to that this weekend.
Lyra Jane - I'm sending you my liner notes as I will have no means to do it for the weekend - hopefully my mix will arrive shortly. If you could put them online and link to them here for me I'd be ever so grateful. Thanks.