For those of us in the USA, tax filing deadline fast approaches.
As this hobby of music seems to have become a source of some income, I think it may be a good time to open a discussion on the business aspect of music.
So I’d like to pick your brains about good resources for tax tips for performing musicians, planning for the rest of 2007, or general guidelines/suggestions. Seems like keeping a log/calendar and EVERY receipt is a must.
I have Googled the subject but wonder at the dates of published articles. How useful is 4 year old advise with the tax code changing as rapidly as it does?
Maybe just paying an accountant with experience in the music biz would be the best thing so possible recommendations for accountants (private messages would be best I suppose) may be helpful.
I know there must be a wealth of knowledge and info in this community.
Cheers,
Rick
Yeah, drunk and yelling over top of music and the yowlings and hoots of other drunks is the best way to discuss finances and taxes. Geez Rick, what were you thinkin?
Whether you do them yourself or hire someone, records are a must. Keep a written record/journal of every penny spent and recieved and don’t forget transportation for/to/from places that concern that income.
It was important when I was in a partnership and if you can understand the forms (the IRS help is more often wrong than right) you can save a few hard earned pennies.
You may have to order some forms as the post office here didn’t always have the forms we needed.
Our post office doesn’t carry any tax forms any more. But you can download them from the IRS site.
We finished ours last week - nothihg music related, but my husband is self-employed so there are several extra forms to fill out. We did it on line - not to give anyplace free advertising, but we used the company that Ken Jennings missed on Jeopardy.
