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B Tax Tips for Musicians, by Jeffrey P. Fisher

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Tax Tips for Musicians

Jeffrey P. Fisher

Everybody complains about taxes, but few do anything about it. Well, there are several actions you can take to improve your tax situation right now. If you’re making even the tiniest amount of music-related scratch, there’s no reason to pay more taxes than you have to. To reap the most tax benefits, start running your music career as a legal small business. The IRS loves small businesses. According to the Small Business Administration, there are 25 million small businesses in the United States today, and a large percentage of them are sole proprietorships—one-person shops. As a sole proprietor, you report your music business income as part of your personal income using Schedule C (and a few other forms).


  

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