If the gear is directly used to create tracks for AJ then yes, you can take the Depreciation Deduction. You have to decide whether to take the full depreciation upfront or spread it out over the next few years. Keep in mind, however, that you may only deduct the percentage of usage time a specific gear item is used to create music that generates income.
I should also state that I am not a tax professional so do your own research as well.
+1 for the 25%. It’s better to have enough and not have to make up the difference if it ends up being more than what we put away. I think 25% will be a safe amount.
That’s it. Thanks for the answer =)
Does anyone know how to get the thumbnails to display the VideoHive projects using your work?
This actually sounds like a great idea!
Wow… That’s exactly the same song! I guess the production is better on the first one but still, the same song. Now, does anyone know what the original song is? They’re too close for this to be a coincidence.
Thanks for the tip Ryan, I also listened to the other one in that page that sounds familiar. Did anyone else get that one?
Thanks for the info- basically what I was thinking. Schedule C’s seem to be what’s necessary for my income level. I use TurboTax, and I’m sure it’ll walk me through what I need…
Hey everyone, as I said in the title, it’s a new year and that means we have until April 15th to file a tax return. As this is my first year on AudioJungle, I have never reported my AJ income before. So I want to ask American authors how you guys have repotted AJ incomer before.
I will take a wild guess and assume that we don’t get a 1099 from Envato.
Thanks for all the help.
I’ve got 14 sales so far 7 of those have come from my one file that’s on the Popular Files for the week list. The extra exposure on there always helps. People all around the world are still on holiday so I’m sure it will pick up for everybody in a few days. May I suggest you do what I do when sales are slow. I sign out of AJ and promise not to check the stats until I write a new song or complete an item in my To Do list.
Good luck everyone, have a great 2013