Release Year: November 20, 2015
Producer: Lynda
Producer’s Website: lynda.com/Accounting-tutorials/Music-Taxes-Accounting/408238-2.html
Author: Richard Stim
Duration: 0:56
Type of Material Shared: Video Clips
Language: English
Description: Most musicians consider themselves lucky to make money from a career they love. But income means taxes, and taxes can lead to many questions. What exactly counts as income? What can you write off? What happens if you get audited?
In this music business course, author Rich Stim covers the most important tax issues for musicians. He starts with the basics: determining if music is a hobby or a business for you and how that affects your deductions. He then discusses money and the sources that determine gross income. From there, he shows the items you can deduct from your gross income—mileage, studio space, touring expenses, and other miscellaneous deductions—that can add up to big savings. Next, he covers the different tax rules for individual musicians, bands, general partnerships, LLCs, and corporations, and explains how to get an Employer Identification Number (EIN) when you need one. Finally, Rich navigates the tax forms, including Form 1040, Schedule A, Schedule C, Schedule SE, Schedule K-1 (Form 1065), Form 4562, Form 8829, and Form 2016, and provides advice on hiring a tax preparer or going the DIY route with tax software.
Most musicians consider themselves lucky to make money from a career they love. But income means taxes, and taxes can raise a lot of questions. What exactly counts as income? What can be written off? What happens if you get an audit? In this music business course, author Rich Steem covers the most important tax issues for musicians. He starts with the basics: determining whether music is a hobby or a business and how that affects deductions. He then discusses the money and sources that determine gross income. From there, he shows items you can deduct from your gross income—mileage, studio space, travel expenses, and other deductions—that can add up to big savings. Next, he covers the different tax rules for solo musicians, bands, partnerships, LLCs, and corporations, and explains how to obtain an Employer Identification Number (EIN) when you need one. Finally, Rich goes over tax forms, including Form 1040, Schedule 1040, Schedule AP, Schedule GP, Schedule K-1 (Form 1065), Form 4562, Form 8829, and Form 2016, and provides advice on hiring tax preparers or taking the DIY route with tax software.
Content :
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
Example files: not provided
Video format: MP4
Video: AVC, 1280×720, 16:9, 30fps, 116kbps
Audio: AAC, 48kHz, stereo, 128kbps
