Musician Forum - Band Discussion Board - BandMix

Oh boy, it's that time of year again Yee Haa!

How many of you pay taxes on what you make performing or selling your music c.d.'s

don't worry I won't tell

Dear J-IRS,

(Jus' kiddin').

Actually, the band I'm in now does file taxes. When I receive a check for a gig, the taxes are taken out. Never been in this situation before, but...whatever works I guess.

I'm in a bad way, here, folks! Don't wanna go into too much detail, but this is an area of my life that I've been a bit lax in, to say the least. Suffice it to say that I suck at keeping records. I dread this time of year every damned year!

Ha Ha thats funny joseph6
Several of the venue's we play at plus one of the larger agency's we work for 1099 me at the end of the year. So I have a book keeper (my wife) keeps everything we do on an excell spread sheet then I take all that (well maybe not all) and have my tax lady do 1099's for my band mates for their share of the loot. I went to her yesterday after work it's a good thing I checked it before I sent the remmitance off in the mail because she screwed it up. My point is if you go to a tax preparer check them as much as you can to make sure that they are accurate, her mistake could have increased my tax liability by about 5k. When I called her on it she said bring it back tomorrow (today) after all this I think I will find another Tax preparer.

Philby don't tell Uncle Sam that!
just remember if they don't 1099 you how is anyone gonna know. Its those dreaded 1099's you have to worry about. I mean besides it's not like we are getting rich here most years I don't even break even. buisness cost lets see

cost of website
trailer tags
c.d.s
NEW GEAR
gas to gigs and to drop off promos
strings
batteries (I buy 9volts in mass quantities for wireless receivers)
NEW GEAR
maintenence of GEAR
Bottom line is being a musician is very costly save all your receipts put them in one of those large envelope's and deduct as much as you can from your tax liabilty.

I new when I started this thread it would be a sore subject something that none of us want to deal with, in fact I didn't think anyone would even respond. It's not that bad for the 1099's for my band it took 10 minutes and $40.00 now when I do my personal taxes I am covered I hope

Does anyone know if we can write off 'expenses'... new guitars, effects, amps, strings, gas for gigs?? I haven't (and won't) report any $$ incoming this year, but all the gigs paid cash... no 1099 forms.

You should be able to deduct a percentage of all your expenses Kramer.

Kramer I am not 100% sure but I beleive for you to deduct those items as a biz. or contractor you have to show an income and then deduct those expenses from the income you earned as a musician.

Yes J. I can deduct uniforms, shoes, and other Medical related supplies from my income when I work as a Nurse as well as milage.
I do not believe it is a dolar for dolar ratio. But I,ve not done my own taxes in some time.

I'm doing the IRS a favor by NOT paying taxes. If I had to report my income I would also report all the deductions (depreciation on vehicles, cost of equipment, mileage, gas, miscellaneous expenses, etc.). The IRS would lose their shirt on me. If I ever start making REAL money with music I will report the income (AND the deductions). But until then I'm doing Uncle Sam a big favor.

Oh come on Bob. You screwin us out of another bail out opportunity.

SHAME ON YOU , HALEY!

(YA outta' know better then to bring up the "T" word!)

YOU'RE SUPPOSED TO GET ON STAGE AND TRY TO MAKE MONEY AT THIS??!!?? and then pay taxes on it!!??!! boy have I got a long way to go haha but I already knew that

Receipts people, save them.

Anyone know about Per Diem?

The T+E's are about the same, not up on the current ones.

(Remember if you take someone to lunch and you talk about the band, you can expense out the lunch and charge 15 minutes to the their bill)

Ooops, what I meant was.. lol