May 12, 2018
Flute 360 | Episode 7: “Tax Information for the Self-Employed Musician” (29:57)
In this episode, Heidi discusses tax tips for the working musician. She lists off different deductions that you as a musician or private lesson teacher can write-off and urges you to have a CPA file your taxes to avoid audits. Heidi also talks about when quarterly payments are due and gives you tips on how to manage your finances.
Episode 7 – Main Points:
- CPA (1:04)
- Stay organized (2:22)
- List of deductions (4:55)
- Deduct mileage (6:26)
- Your studio space (9:02)
- Deduct promotional efforts (11:42)
- Deduct music supplies (12:24)
- Deduct instrument purchases (14:24)
- Deduct food (15:45)
- Deduct business clothes (17:34)
- Miscellaneous deductions (18:17)
- Keep a monthly report (19:57)
- Quarterly projections (21:36)
- Quarterly payments (22:58)
- IRS’ schedule (24:24)
- Save money for quarterly payments (25:26)
- Why keep track of expenses (28:02)
- Summary (29:00)
Episode 7 – Resources Mentioned:
- Cutler, David. The Savvy Music Teacher: Blueprint for Maximizing Income & Impact. Oxford: Oxford University Press, 2015. eBook Collection (EBSCOhost), EBSCOhost (accessed January 20, 2018).
- Morris, Bill. "Working Musician: It's Tax Time in the US - How Should I File?" International Musician 106, no. 2 (2008): 10.
- Terrence, Patricia, and Freidman, Alan. "Tax Advice: A Musician's Guide to Tax Season." International Musician 104, no. 2 (2006): 12-13.
- MacFreelance
- FreshBooks - Cloud Accounting
- Adams Vehicle Expense Journal
- Quick Books Self Employed
- Stride Drive
- MileIQ: Mileage Log for Taxes
- Hurdlr Expense Receipt Tracker
- Everlance Mileage Log Tracker
Heidi Kay Begay's Information:
- heidikaybegay@gmail.com
- https://heidikaybegay.com