Jay-Z says Tax Write Offs (as far as artists) is "Not even a real thing" :hmmm:

[really]

Yall know how you always hear: "why is so and so signed to that label and doesn't drop anything" then somebody will say "they just a tax write off"


Jay-Z says it's not even a real thing (28 minutes in) ....






I found this real interesting cus ppl been talking bout this shyt for the last 15 years on forums.... And for him to be the first person to ever say it's just a myth, was



Any tax professionals out there got any insight?


Hov has signed dozens of artists, so I guess maybe I'll just take his word for it... But I wish I could get a more detailed break down.

 

[CSquare43]

One of my friends was signed to the ROC.......trust me, there are 'tax write offs'.

Even if you have a great release (if you're that lucky), you're still more of an asset as a cost of doing business than you are as a breadwinner for the label, unless you are one in a million and become a superstar...

However.....you could end up being paid to pursue your dreams and see the world, hanging with celebs, etc. Which isn't too bad a job if you can land it.....

 

[fukkyalifestyle]

you think jayz is ever gonna tell you the truth about anything? It is definetly a real thing, its not that different than any other tax write off.

 

[NvrCMyNut]

fukk would camel know about it, all his business movies are done for him by other people

 

[Pop123]

coli posters clearly know more about how the industry works than jay-z

 

[really]

coli posters clearly know more about how the industry works than jay-z

Lmao..... Some clown ass nikka marked the thread a 1 star



I hate jigga but don't see why he'd have any reason to just make up a lie on the spot for no reason.... Dam the education system failed some of these nikkas

 

[Cloud McFly]

coli posters clearly know more about how the industry works than jay-z

^This

"Everybody can tell you how to do it, they never did it" -

 

[really]

you think jayz is ever gonna tell you the truth about anything? It is definetly a real thing, its not that different than any other tax write off.

Why the fukk would he lie like that in the midst of a casual conversation you fukkin idiot?


You think he's thinking: "Ahhhh shyt don't let me say shyt bout this then Birdman gonna start doing it!"




You don't think every other exec on the planet knows if he already knows numb nuts?



Goddamn I didn't think it was possible for a human being to be so dumb

 

[really]

One of my friends was signed to the ROC.......trust me, there are 'tax write offs'.

Even if you have a great release (if you're that lucky), you're still more of an asset as a cost of doing business than you are as a breadwinner for the label, unless you are one in a million and become a superstar...

However.....you could end up being paid to pursue your dreams and see the world, hanging with celebs, etc. Which isn't too bad a job if you can land it.....

I can see where if a label is paying an artist (lets say a big advance), and they don't make any money back on the artist... Then the advance could be written off as a business expense etc...



But there is no way you just gonna have an artist sitting there on the label, and you aint paying them no money, and then you can write em off...



In order to write something off as a BUSINESS EXPENSE, you have to show RECEIPTS that you paid such and such amount of money towards that business expense....


And if you give an artist a $1million advance and it flops, you not bout to get $1million refund on your tax returns (i dont think), so it's not like "let me sign this rapper just to write him off" is going to be beneficial.... I think you gotta spend money as a BUSINESS EXPENSE, and it can be written off..... But that's not just "I'll signed random rapper so he can make me a PROFIT and I'll never put him out"

 

[George W. Piff]

"Just in case Tyson have a major night off, that's clean money, the tax write-off"

 

[CSquare43]

What you're forgetting is that basically everything can be written off as a business expense, not just an advance.

Artist goes along to a show out of town:
- Airfare = Write off
- Per Diem = Write off
- Hotel = Write off
- Corporate meals/events = Write off
- Parties = Write off
- Studio time = write off
- Etc.....

 

[Poppa_Dock]

i don't think anybody ever really meant it as they sign an artist, then can just make numerous imaginary tax write offs. But if you had a few dudes working for your business im sure you could do some swindling to lower your taxes on certain things. Especially in emergency when the business might be in a rough time or dudes are just extra greedy.

 

[fukkyalifestyle]

I can see where if a label is paying an artist (lets say a big advance), and they don't make any money back on the artist... Then the advance could be written off as a business expense etc...



But there is no way you just gonna have an artist sitting there on the label, and you aint paying them no money, and then you can write em off...



In order to write something off as a BUSINESS EXPENSE, you have to show RECEIPTS that you paid such and such amount of money towards that business expense....


And if you give an artist a $1million advance and it flops, you not bout to get $1million refund on your tax returns (i dont think), so it's not like "let me sign this rapper just to write him off" is going to be beneficial.... I think you gotta spend money as a BUSINESS EXPENSE, and it can be written off..... But that's not just "I'll signed random rapper so he can make me a PROFIT and I'll never put him out"

Damn bruh you are furious, you need some p*ssy. I guess Jayz really lost 88 bricks too huh?

 

[Still Benefited]

I just thought that shyt was a joke as they was given nikkas charity by given em a deal....he probably could write Tru Life off as security though

 

[boskey]

What you're forgetting is that basically everything can be written off as a business expense, not just an advance.

Artist goes along to a show out of town:
- Airfare = Write off
- Per Diem = Write off
- Hotel = Write off
- Corporate meals/events = Write off
- Parties = Write off
- Studio time = write off
- Etc.....

Right. I think people are misunderstanding. You don't get signed AS at tax write-off, you get signed and BECOME a tax write-off when you fail to generate money....