#The art of deduction pdf free download how to

The musician/performer usually files a 'Schedule C' as part of their regular 1040 income tax form (this is where you report all those nasty 1099's you received last year!). There is no legal separation such as one would have in a corporation or other legal entity. In a legal and taxpaying sense this means that your 'business' as a musician and you as an individual taxpayer are one and the same. Most working musicians are considered 'self-employed' regarding filing their taxes. In so doing you will pay less in taxes and you will be less likely to fall prey to erroneous tax information and disreputable advisors.

#The art of deduction pdf free download how to

I often use the analogy that you may not need to know how to fix your car, but it is helpful to know how it basically works.

The secret to overcoming this phobia is to develop an understanding of the mechanisms of the tax code and some simple, effective ways of complying with this onerous task. Musicians avoid the whole matter and consequently leave themselves vulnerable to bad advice. The artist temperament simply does not interface well with the exacting rule-filled world of federal and state taxation. Taxes and administrating the business of music are often last on the list of concerns for the working musician.

Musicians and taxes don't seem to mix very well. Download our expense checklist for musicians and singers PDF VersionДownload our expense checklist for musicians and singers Excel Worksheet VersionДownload our income worksheet for musicians and singers PDF VersionДownload our income worksheet for musicians and singers Excel Worksheet VersionДownload our 12 month expense worksheet for musicians and singers Excel Worksheet VersionД¬lick here for Musician's Sample Tax Return from THE NEW TAX GUIDE FOR WRITERS, ARTISTS, PERFORMERS & OTHER CREATIVE PEOPLE