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How would we advise rocky

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Question - A new client Rocky, is an up and coming rock musician. He belongs to a rock band and plays at different clubs several times a week. For the past year, the band had bookings at smaller clubs and most of the time, they played for tips and drinks only. In truth, not enough to pay for the band's expenses. For his taxes, Rocky receives Form 1099 Misc for his music performances.

As his new CPA, how would we advise Rocky?

Reference no: EM132034115

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