Year End Tax Tips

– Posted in: TAXES

The holiday season has begun and that should signal year-end planning and assessment. Some acts may be performing a great deal during the holidays, with private parties and special events scheduled. Others may be entering the "slow" season and find you have some extra time on your hands. This is a great time to take stock of your supplies and inventories, evaluate how well you did financially and do some end of the year tax planning.The first place to begin is to review this past year's income. Gather all of the touring expense receipts and personal expenses. Make an appointment with your accountant to do a preliminary review if you haven't…

Tax Tips For Independent Artists

– Posted in: TAXES

I thought I would offer a few Tax Tips to keep in mind when that time of year rolls around.The reasons this topic fills most people with dread is a lack of preparation, little advance planning and minimal education about the topic. It's not necessary to become an accountant, but it is certainly helpful to have some basic understanding of how the money you earn and the expenses you incur in order to operate as a professional touring musician, impact upon your tax liability.The I.R.S. has a number of informative booklets that they make available in both hard copy form and from their website. or your may order them by…