Jeff, I get their SS# before I pay anyone anything. I also get them to sign a "work for hire" agreement before they play a note on a recording.
It's just business.
It's just business.
It is what it is until it isn't
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Thejohnny7band wrote:J-HALEY wrote:That's what most agents do Slack. He sends a form (1099) to the IRS as a result I have to declare it. Since we split the money equally that means each member should split the taxes equally. In order to do this you have to have names addresses and SSI numbers. After receiving an equal split the drummer said I am NOT giving you my SSI and I am quitting the band! When I confronted him about his chickenshit ways he then threw out the old classic insult to hurt "you suck" classy eh! My biggest fault in life is that I am too nice and trusting of people I try to see the best in them. When they screw me like this I get mad as HELL and become an @sshole for a while until I work thru the emotions. After all is said and done I probably won't be as trusting. The scumbags I have run across in this business have taken a toll I REALLY want to just give up the band thing. My wife reminds me that I have been thru far worse and come out of it fine!
I usually get all the 1099s for our gigs and file a sched 'C' listing all the musicians as independent contractors, their income amounts w/1099, and their SSN. If they refuse to give their SSN and accept a 1099, no problem. I just make a note to that effect listing their full name, address, email, cel phone # and shoe size. The IRS just LOVES those guys!![]()
I also expense all travel costs, strings, cords, website costs, promotional materials, office supplies, and other expendable items so I pay taxes on a realistic net income and not total gross receipts. Musicians don't really make very much money when you add it all up for Uncle Sam to get his fair share.
J-HALEY wrote:Thejohnny7band wrote:J-HALEY wrote:That's what most agents do Slack. He sends a form (1099) to the IRS as a result I have to declare it. Since we split the money equally that means each member should split the taxes equally. In order to do this you have to have names addresses and SSI numbers. After receiving an equal split the drummer said I am NOT giving you my SSI and I am quitting the band! When I confronted him about his chickenshit ways he then threw out the old classic insult to hurt "you suck" classy eh! My biggest fault in life is that I am too nice and trusting of people I try to see the best in them. When they screw me like this I get mad as HELL and become an @sshole for a while until I work thru the emotions. After all is said and done I probably won't be as trusting. The scumbags I have run across in this business have taken a toll I REALLY want to just give up the band thing. My wife reminds me that I have been thru far worse and come out of it fine!
I usually get all the 1099s for our gigs and file a sched 'C' listing all the musicians as independent contractors, their income amounts w/1099, and their SSN. If they refuse to give their SSN and accept a 1099, no problem. I just make a note to that effect listing their full name, address, email, cel phone # and shoe size. The IRS just LOVES those guys!![]()
I also expense all travel costs, strings, cords, website costs, promotional materials, office supplies, and other expendable items so I pay taxes on a realistic net income and not total gross receipts. Musicians don't really make very much money when you add it all up for Uncle Sam to get his fair share.
I have his name address email and cell no. It is my intent to have my tax preparer include all of that in the 1099s and I'll turn that into the irs with a copy of his email refusing to deal with 1099 (twisted evil) LoL!
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