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Thread: Taxes...please help!

  1. #1

    Default Taxes...please help!

    So last year I got a new job making more money then ever before and I went to file my return and feel like I'm getting raped! I eventually got the return to a decent amount but I also play in a band which is an LLC with 2 other members. My question is what is what is the best way to get a larger return using the LLC?

    Right now we are filing separately and just putting our expenses that went towards the band. What would you suggest? Should we file together or separately? Any help would be great thanks!



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  3. #2
    Master Skeptic Brian4Liberty's Avatar
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    Small time guy? Sorry, corporations are no shelter for you. Only the big guys can take advantage of that.

    Sounds like you are doing it the standard way that mundanes do it. Put your share of expenses or profits on your personal taxes.

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  4. #3

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    More deductions if they are needed for the business(s). You can even deduct things you bought in the past for your business up to 7 years.

    Make sure you have a receipt for everything just in case of an audit.

    You may have better luck deducting if you consider yourself an independent contractor instead of an LLC.
    Last edited by Paladin69; 01-30-2013 at 01:45 PM.

  5. #4

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    Use the business to itemize deductions for all of your driving miles and phone bill, and office or garage space in your home, etc....

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    Master Skeptic Brian4Liberty's Avatar
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    Quote Originally Posted by Michigan11 View Post
    Use the business to itemize deductions for all of your driving miles and phone bill, and office or garage space in your home, etc....
    Yeah, that's what you can probably do. Only the total loss/gain comes over to your personal taxes, at least that's how it works with an S-Corp. Not sure on an LLC though.

    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul


  7. #6

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    Quote Originally Posted by Michigan11 View Post
    Use the business to itemize deductions for all of your driving miles and phone bill, and office or garage space in your home, etc....
    The amount you can deduct for a small office is so negligible it's not worth it because home office deductions are a triggers for audits. You are 80% more likely to be audited if you claim home office expenses, and you can only claim whatever percentage you actually use, and that area can't be used for anything else, has to have separate locks, etc..... not worth the risk. I had IRS agents and several accountants tell me the same thing.
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  8. #7

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    You can deduct everything for instruments, picks, drumsticks, etc. You may be able to deduct stage clothing. Go do a search on the IRS website to see what is allowable. Also cost of travel, hotels, food while doing band business.
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  9. #8

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    Quote Originally Posted by BFranklin View Post
    So last year I got a new job making more money then ever before and I went to file my return and feel like I'm getting raped! I eventually got the return to a decent amount but I also play in a band which is an LLC with 2 other members. My question is what is what is the best way to get a larger return using the LLC?

    Right now we are filing separately and just putting our expenses that went towards the band. What would you suggest? Should we file together or separately? Any help would be great thanks!
    There is really zero reason to file separately (unless you have to because you don't live with your spouse because you're going through a divorce or separation or whatever). There are a bunch of tax credits that you can't claim right off the bat when you choose that as your filing status. Without knowing intimate details of your personal situation - nobody here is going to be able to give you any reasonable advice. If you are that concerned, find an accountant or go to a tax shop and hope for the best.





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