Taxes 101: What Self-Employed Musicians Need to Know

I hope April 15 is already circled on your calendar, As a self-employed musician, you need to know more about taxes than the average worker bee.

You may be earning money from several different sources (solo gigs, session work, teaching, recording, songwriting, merchandise, etc.), so it’s important to know how to keep track of everything and which tax forms you’re required to file...

1. Set up a separate bank account
2. Use a separate credit or debit card for business purposes
3. Save your receipts
4. Use cash accounting
5. You’re the boss: tax forms for soloists and studio musicians
6. Spreading out the tax burden: Form 1040-ES (if u make ova $1000 quarterly)
7. Making over $600 per year at a regular gig: Form 1099
8. Consider Professional Help
9. Dont Miss Deadline....APRIL 15
 

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