Possible deduction Ideas...DJ work related?

Ok, I posted asking about filing my income taxes and all that a little while ago and if you saw that one I have good news since then. If not, what the situation is, is that I am have been a DJ all year and that is my only job. I do it for a nightclub as an independent contractor.





I have some new questions now though. I made a lot of equipment purchases this year. They were all made online. I bought a new laptop to use in dj'ing and built myself an amature home recording studio for making and editing demos complete with a custom desktop computer.





I DID find proof of ALL the significant purchases I made. They are all invoices from either paypal or from the actual merchant. Will my paypal invoices work as valid proof of purchase? They have the amount, order number, date, all that info and are actual receipts.





Also I know I can deduct milage, and gas and food to some extent, have any good ways to do this?





Are there any other good and honest deductions you can think of?





How can I calculate the depriciation of the equipment I use?





Thanks so much. Just ask if you need more info!Possible deduction Ideas...DJ work related?
I see someone is trying to make money by promoting himself here!





AS for your situation...you will be 1099'd. You deduct either milage OR gas/depreciation on car (milage is easier, and usually you come out better...you do not want to get into the hassle of depreciation on anything!


Deduct the price of all equipment purchased. IT will not last long enough to depreciate out. Deduct the cost of all music, whether purchased as MP3 online subscriptions or CD's. Purchase everything you buy via credit card...there is always proof of purchase when you do that. Deducting meals is sticky, for you have to eat whether you are at home or at work. Keep a spreadsheet of all your business, with references to card used for purchase, income, etc...it will also serve as a check book...I advise that you keep business checkbook separate from personal account.


File your taxes, your SS payments (15.5% or so), state taxes, and you are fine. I seriously doubt that you will ever be audited...but if you are, you will be prepared for it if you do as I have said.


I will add ... do NOT deduct space from your house as office costs from income tax...sure way to get audited quickly.


I hope you realize that you are supposed to file taxes quarterly if you owe more than X $ in any one quarter...you should check this out soon! The limit used to be 600.00 per quarter had to be filed upon. (and paid)