Taxes for Magicians, Part II: Write-Offs, Right On! by William Brough, MBA, PB It is now time to make it unclear to write off lines that don’t make sense On A Plain, Nirvana Last time, we talked about possible business structures that could entitle a magician to take write-offs on his taxes. We also mentioned that you don’t even need to be a legal business in order to take advantage of those write-offs, thanks to a little-known tax provision dealing with what the IRS calls “hobby income.” Hobby income is defined as “income from an activity not engaged in for [...]
In last month’s No Stone Left Unturned column, I mentioned some information about taxes. Well this month, I was able to pull my accountant away from his ten key and shift his focus to a key board. Please welcome a guest writer for this month and next to help you understand the magic of taxes. Taxes for Magicians, Part 1 by William Brough, MBA, PB “Let me tell you how it will be; there’s one for you, nineteen for me.” Taxman, The Beatles As Jeff’s accountant, I have been provided a window through which I glimpse, at least a little, [...]
