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I'll be attaching documents, spreadsheets, PDF's and other useful resources in the comments. If you can't find it, use the Control+F option and search the title or key words! : )
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New comment Jun 16
Your music business can help you go on vacations and see friends
https://www.tiktok.com/t/ZPRK5CKeM/ If you put on a show and get paid to be a musician in a city where you’re also seeing friends and family, all of the money you spend to get that gig is deductible as part of your expense.
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New comment Jun 1
Your Home Office is a Write Off
The IRS allows for a home office deduction if you meet certain requirements, even if the income-generating activities occur outside the home. Here’s how your situation might be viewed: 1. Exclusive and Regular Use: The space must be used exclusively and regularly for your business. Musicians! If your home studio is used for bookkeeping, admin tasks, storing and repairing gear, and updating your song list, this is a deduction on your home expenses. If you use the space exclusively for these business activities and not for personal use, this requirement is likely met. 2. Principal Place of Business: The home office must be your principal place of business. For musicians, this can include administrative activities like invoicing, managing bookings, and storing equipment. Even if you perform live outside your home, if your home studio is where you handle significant administrative tasks, it can qualify as your principal place of business. 3. Separate Structure: If your home studio is in a separate structure not attached to your home, it can qualify even if it’s not your principal place of business. The IRS recognizes that not all business activities are income-generating on their own but are necessary for the operation of the business. Therefore, your use of the home studio for essential tasks related to your music business can justify the home office deduction. To avoid issues with an audit: • Keep detailed records of your use of the home studio, including a log of activities performed there. • Maintain documentation of expenses related to the home office. • Ensure that the space is not used for personal activities. Consulting with a tax professional can provide personalized guidance and help ensure compliance with IRS regulations.
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Remember the Write Offs
https://www.tiktok.com/t/ZPRK5C7eg/ Everything you spend on your business, lowers the amount of money you’ll pay in taxes.
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Music Gig Academy
skool.com/accounting-for-musicians-1398
The group for gig musicians who want to professionalize their business, make more money, and get more gigs.
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