From: Steve Polta (email suppressed)
Date: Tue Jun 24 2008 - 12:14:54 PDT
In my experience, Jason is correct. Filing Schedule C, even if you "only" spent $800 and earned $10, can help you.
One more legitimate deduction: you are permitted to write off rent paid on studio or work space. If you work "at home" (in a room in your apartment or whatever) you can write off a proportional percentage of your rent. The catch is that the area must be *only* used for the "business" and not for anything else.
Steve Polta
--- On Tue, 6/24/08, Jason Cortlund <email suppressed> wrote:
> From: Jason Cortlund <email suppressed>
> Subject: Re: taxes & film expenses
> To: email suppressed
> Date: Tuesday, June 24, 2008, 9:43 AM
> Actually, Roger, I think that's only correct for
> Schedule A deductions (as
> in charitable/tax deductible donations).
>
> The Schedule C is not related to your standard deduction.
> You apply the
> profit or loss of your "business" (from the
> Schedule C) against your
> wages/salaries/tips to find your Total Income. After that
> you apply either
> the standard deduction or your itemized Schedule A
> deductions (whichever is
> greater).
>
> But again, I'm not a CPA.
>
> Best,
>
> Jason Cortlund
>
>
> On 6/24/08 12:14 PM, "Roger Beebe"
> <email suppressed> wrote:
>
> > In all of this, though, do remember that if you
> don't spend more than
> > the standard deduction ($5450 for single folks in
> 2008), then
> > itemizing won't save you a dime.
> >
> > ...
> > Roger
> >
> > On Jun 23, 2008, at 11:52 PM, Steve Polta wrote:
> >
>
>
> __________________________________________________________________
> For info on FrameWorks, contact Pip Chodorov at
> <email suppressed>.
__________________________________________________________________
For info on FrameWorks, contact Pip Chodorov at <email suppressed>.