Once again, today's post comes from Chris Robley from CDBaby:
Your taxes are due in just a few days! It’s time to claim all that gig money you earned “under the table,” time to add up that pile of receipts stashed in the cupboard, time to cross your fingers and hope that math and Uncle Sam are on your side.
Despite what your relatives may think, being a self-employed musician is hard work. YOU are your own business, with all the risks and rewards that that entails. Yes, you should be claiming that $150 bucks the door-guy handed you at your last gig, but you also get to write off expenses, of which there are MANY: equipment purchase, maintenance, travel costs and car mileage, practice or office space rental, audio and video production expenses, web hosting, etc.
To make sure the accounting odds are in your favor, check out this interview with Allen Jones from the DIY Musician Podcast episode #47: A Musician’s Guide to Taxes. Allen shares some great advice on how musicians can make the most of their confusing tax forms.
Visit CDBaby’s DIY Musician Blog for more helpful tips.
And in honor of Tax Day, here's a song to help you get motivated: