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I teach guitar lessons as a source of supplimentary income. I drive to my students' houses and teach them lessons there. I was wondering, first of all, if the gas is tax-deductible, and if so how would I calculate how much I can deduct. Also, I was wondering if strings, picks, repairs, etc. would be tax-deductible since I use them in my personal life but also use them for lessons. Anyone have an answer?
Answer
Yes. You can take strings, picks, repairs. Keep track of your mileage to and from clients, stores for supplies and don't forget the bank (to deposit your riches). You will have to know the total miles driven for the year, the total miles for business. I suggest keeping the miles in your organizer (where you keep the appointments). IRS likes odometer readings. They like it daily but if you do it at least once a month, you can backtrack it. The business mileage at this moment is 39.5 cents a business mile. That could change. Last year, if for 36.5 for the first 9 months and 42.5 for the last 3 months. It was upped because of our jump in gas prices.
Don't forget the cost of your sheet music also. You will use a schedule C or C-ez.
Yes. You can take strings, picks, repairs. Keep track of your mileage to and from clients, stores for supplies and don't forget the bank (to deposit your riches). You will have to know the total miles driven for the year, the total miles for business. I suggest keeping the miles in your organizer (where you keep the appointments). IRS likes odometer readings. They like it daily but if you do it at least once a month, you can backtrack it. The business mileage at this moment is 39.5 cents a business mile. That could change. Last year, if for 36.5 for the first 9 months and 42.5 for the last 3 months. It was upped because of our jump in gas prices.
Don't forget the cost of your sheet music also. You will use a schedule C or C-ez.
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