Is production equipment tax deductible?

R

romerom

New member
Whats up yall. I'm gettin all my tax crap ready for filing this year and I was wondering if any of you guys knew if Production Equipment i.e. Keyboards, sequencers, computers, turntables etc can be tax deductible if you are starting/started a production company? I am not setup as a corporation or a limited liability corporation or anything like that so basically its just me.

Has anybody done this before or know if it can be done? If so, I got alot to deduct and could possibly get a much larger tax refund. Lemme know whats up.
 
If you already have your company registered, your equipment is tax deductible. By being registered I mean having a tax id for your company.
 
I can only somewhat answer this, due to each state having individual laws and limits. You do have to be registered as a business in your county. Whatever the laws are in the county may differ, but in Illinois, (cook county, chicago), you must show a taxable profit of your company of at least $3,000, counting the monies spent on equipment. After all of your purchases that year, you still must have made that profit to file taxes and deduct those purchases. Other than that, they consider it basically a hobby. I hope that helped.
 
Thanks for the responses everybody.. i did a little homework and it seems that the state i live in (arizona) has some pretty lenient laws when it comes to this ? I can't verify it yet but I will talk to an accountant very soon to find out for sure.
 
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