OMGZWTFBBQ????!!!11 BUSH DID SOMETHING GOOD?!

This just in from The Advocate's copy editor extraordinaire, Traci Neal:

On May 17, 2006, President Bush signed into law the Tax Increase Prevention and Reconciliation Act of 2005 ...

... Another group of taxpayers that will benefit from the Act are certain musically inclined individuals. Beginning in 2006, the Act provides that the sale of musical compositions or copyrights in musical works created by the taxpayer’s personal efforts is treated as the sale of a capital asset. This means gain from the sale will be subject to the more favorable capital gains tax rate (15 percent maximum) instead of ordinary income tax rates (35 percent maximum).

Great news!

On a separate but related note, I would STRONGLY RECOMMEND to all my friends who are local, professional musicians that you consider using an accountant to help with taxes. There are deductions specifically for performing artists that you can take advantage of; you may even be able to deduct mileage and band-related expenses. Independent accountants around these parts usually charge around $75-$100 to prepare your tax returns (as opposed to the conglommo-H and R Block fuckers, who cost more), but it may save you far more than that in the long run. Drop me a line if you want to talk more about it; I've had a great experience with my accountant and I'm never filling out those damn forms again.