What’s music to your ears around tax season? Hmm….the nerd in me likes to know the benefits of deductions. Isn’t this everyone’s idea of weekend fun?…
Enjoy these tips for educational purposes!
The below was provided by the helpful customer service team at Sweetwater. I am not affiliated with the company, nor am I a tax advisor, so please refer to www.irs.gov and your tax and legal professionals for advice.
The first article speaks directly to musicians and briefly explains travel, meal, vehicle, and equipment expenses (for both gigging and studio musicians), and whether or not you can deduct them on your taxes. http://www.artstaxinfo.com/musicians.shtml
Here is a “nuts and bolts” explanation of Section 179 (first-year depreciation allowance for equipment) and how to take advantage of it. http://www.section179.org/
The last article features a list of common deductible business expenses. This can be helpful if you are considered self-employed or if you own your own studio. http://www.musicbizacademy.com/knab/articles/taxtips.htm
The Sweetwater company is not comprised of legal experts or tax advisors, so you should definitely discuss these issues with your own professional tax advisor. Each individual’s situation is different, and these links are for informational purposes only.
+ STAY IN THE LOOP ON THE FIRST ALBUM: Soul, Funk & Rnb
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