Episode 7: Tax Information for the Self-Employed Musician

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:

• [email protected]
• https://heidikaybegay.com