lando, what are you talking about. nuff hip hop in accounting. check it out:
The culture of hip hop blingdom – with its diamond-studded videos, spectacular tours, and pimped out cribs – is perpetuated by the whitest homie on the block: Uncle Sam.
According to certified professional accountants, the tax code itself perpetuates hip hop blingdom and may be responsible for its rise. The reason is simple: businesses are allowed to deduct certain business expenses from the amount they owe to the government every year. Since hip hop has made bling part of its business, they can write off the blingdom as a cost of doing work.
According to CPA Jerry Catalano [http://www.themusiccpa.com/] – who has spent decades representing recording artists – musicians can deduct business expenses so long as they are “ordinary and necessary.” But if you’re 50 Cent, define “ordinary and necessary”? That Rolex on 50′s wrist could well be considered an expense of maintaining his “brand,” especially if he only wears that watch on-stage.
Catalano points out, “Artists think it’s all about art, and it is, but it’s also a business. You are a product and you have to treat yourself as such.”
Rappers can deduct the cost of touring. They can deduct touring costumes, extravagant music videos, and insane home studio equipment. They can amortize the home studio itself. Moreover, Catalano says they should deduct their expenses or they have to give that money to the tax man.
It’s a pretty simple scenario: say, you’re an underground rapper who suddenly hits big. You get a $50,000 royalty check one week and now you’re looking at perhaps $20,000 in tax liability to Uncle Sam.
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