“Another year is fast approaching. Go be that starving artist you’re afraid to be. Open up that journal and get poetic finally. Volunteer. Suck it up and travel. You were not born here to work and pay taxes. You were put here to be part of a vast organism to explore and create. Stop putting it off. The world has much more to offer than what’s on 15 televisions at TGI Fridays. Take pictures. Scare people. Shake up the scene. Be the change you want to see in the world.”
― Jason Mraz
“The hardest thing in the world to understand is the income tax.”
― Albert Einstein
So, you've started to build your skills as a musician and gigs are starting to land in your lap. That's fantastic! But if you're like most musicians staying organized isn't on the top of your priority list each day. Sure, you may imagine yourself taking a day (or a week) off to finally go through those stacks full of financial "stuff" eventually. Yeah, eventually sounds good....
Here are my top five tax organization tips for musicians. Learned the hard way by someone who is now more organized (not more enthusiastic) when it comes to self-employment tax prep.
As in all things tax-related, be sure to work with a tax professional if you have any specific questions or concerns when filing. Keeping track of your information and expenses doesn't guarantee that you can write them off, but it will make it easier to find out. Also, be sure to check out these guidelines to see if your expenses are considered business or hobby expenses by the IRS.