Tax Write Offs and Excellent Band Names (sort of)
There is something that our benevolent government enacted entitled the American Jobs Creation Act of 2004 (see: http://www.irs.gov/pub/irs-regs/11540305.pdf for text of the important section of the AJCA). Section 181 of the act is all that a musician, a film maker, a video producer or a really rich person with too much in the way of “passive income” should worry about.
This tax break, which is set to expire at the end of 2008, allows someone who spends money to produce a movie, a music video, a webisode or Internet production to deduct every dollar spent against his or her personal income. In plain English: If you spend $100 to make a music video or maybe to make a video journal of your tour, that $100 can be used as a deduction against your income for the year.
This not only helps out musicians looking to make videos themselves, but is a really good way to get your dad or your rich great uncle to pony up some cash to make the video really pop. The tax credit applies to money spent on the production and post-production work (editing, mixing, sound, etc.). Rather than letting a label put you deeper in the whole by setting up a crazy video with Maserati’s, a mansion, live leopards and 30 video hos thereby putting you $100,000 further into the hole; get some people with money together and try to explain this tax break. Better yet, have me try to explain the tax break to the rich people (they tend to need lawyers more often than musicians).
Now for a new section of the L4M blog. I don’t really know who reads my blog, but I have a feeling a lot of the time it comes off a bit depressing what with all the ripping on the music industry and legal crap artists have to deal with on a daily basis. Hopefully you realize that I’m trying to help musicians treat their art as a business so that they don’t get hosed. Anyway, (there I go again), I want to pay homage to the best band names (active bands only) that I have come across. Your submissions are welcome and encouraged. If your band has an especially awesome name, I will link to it and your music (if you want).
This blog’s winner was (emphasis on was) going to go to the Exotic Men of Magic. They were on the marquee at a local rock bar, the Double Door (www.doubledoor.com) which has a solid reputation in Chicago for featuring a good mix of musicians. My wife and I noticed the name and immediately thought it was simultaneously a hilarious and yet intriguing name. Why are they exotic and do they perform magic whilst they rock? I figured they were a classic rock type band hearkening back to the likes of Led Zeppelin and Iron Maiden with perhaps a Tenacious D comedy twist. Man was I wrong. At your own risk, check out www.exoticmenofmagic.com. NOT A ROCK BAND. I imagine there were a few confused people at that show. So they are not the official winner, but a good conversation starter nonetheless.
Any nominees of your own?
In junior high, I started a rock band called Cut While Shaving….epitomizes adolescent angst, don’t you think? I think that’s an excellent band name. Do I win this contest or what? And what do I win?