Tax advice for DIY musicians.
As an independent musician in the United States you’ve probably asked yourself the following questions about filing your taxes:
- What royalties should I claim as income on my taxes?
- Is my musical pursuit a “business” or “hobby” in the eyes of the IRS?
- What expenses can I deduct?
- How do I make sure I don’t take the tax hit for income I shared with bandmates, booking agents, and managers?
- Should I be a sole proprietor, LLC, or S-corporation?
In this episode of CD Baby’s DIY Musician Live, I ask the punk-rock tax-professional Tessa Tax all these questions and more. Check out the video above if you need some general guidance about how to file your taxes as a self-employed musician, and what you should claim as both income and qualified business expenses.
Links mentioned in the video:
- Tessa’s website
- The pre-save campaign for my song “Collapsing Star”
- Music promotion tools — (IMPORTANT: if you’re a CD Baby client, you can create a FREE Show.co account by going to your CD Baby members dashboard)
- Discounts on worldwide distribution