Billboard magazine interviewed Tax Partner Robert Pesce about business expenses and tax deductions for performing artists.
By Matt Wake
But as CPA Robert M. Pesce of New York accounting firm Marcum LLP says, “They’re not buying guitars for the tax deduction, they’re buying it to make beautiful music. A musician is in a business just like anybody else. The things you’re talking about are necessary for their business, so whether they’re making recordings or doing live performances, they need equipment — and that equipment is deductible. It’s either deductible in full or depreciable but it’s tax deductible because it’s used in their business.”