Taxes and Accounting for Music

Making money in the music business? Find out how to claim income from gigs, maximize your deductions, and file the right tax forms with the IRS.

Introduction

• Welcome

1. Common Tax Questions

• Is music your hobby or your business?
• How do you manage bookkeeping?
• How likely is it that you'll get audited?
• What happens at an audit?
• How long do you need to keep tax records?

2. What Counts as Income?

• Income

3. Strategies for Deducting Expenses

• Deductions
• Deduct now or depreciate?
• Automobile expenses
• Home studio and home office
• Travel and meals
• Other expenses

4. Different Rules for Different Entities

• Sole proprietors and partnerships
• LLCs and corporations
• EINs

5. Preparing and Paying Taxes

• Help with taxes
• Navigating the tax return
• Estimated taxes
• Payroll and sales tax

Conclusion

• Next steps