The Sad Truth About The $150k Indie Artist Tax Credit | What The HITS Act REALLY Says

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In this episode of the Top Music Attorney Podcast, Entertainment Attorney, Miss  discusses the newly passed HITS Act and what it really means for independent artists, producers, and music business owners. With headlines flying about a $150,000 tax break, there’s a lot of hype but also a lot of misunderstanding. Miss Krystle breaks down who this legislation actually benefits, how tax deductions for music production really work, and why most indie artists won’t see the windfall being promised online.

0:00 Introduction

00:10 $150,000 Tax Credit For Musicians From Big Beautiful Bill (HITS Acts)

00:31 Eligibility for $150,000 Tax Break

01:21 What Does The HITS Act Do?

01:48 Amortization

02:43 LLC vs. Sole Proprietorship

03:13 Business Expenses

04:03 Change In Amortization

04:36 Who Is This Benefitting

04:49 A2IM & Recording Academy's Reaction To The HITS Act

05:53 Section 181 Internal Revenue Code

06:25 How Much Did Your Last Album Cost You?

06:43 $150,000 Cap

07:00 What Costs Does The HIT Act Apply To?

07:18 HITS Act Does Not Apply To Major Record Labels

07:40 HITS Act Effect On Independent Musicians

08:30 Keep Track of Your Expenses

Legal Disclaimer: The information, ideas, and suggestions in this video are not intended to be legal advice. Before following any suggestions contained in this video, you should consult your personal attorney. The speaker shall not be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestion in this video. Pursuant to the fair use doctrine under the 1978 Copyright Act, a copyrighted work owned by another may be used for criticism, commentary, news reporting, and educational purposes. The use of the livestream contained in this video falls within the fair use doctrine.

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#TheHITSAct #IndieArtistTaxCredit #LawyerReacts