March 22, 2019
Billboard magazine interviewed Tax Partner Robert Pesce about business expenses and tax deductions for performing artists.
Billboard
By Matt Wake
Excerpt:
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.”
