Overview
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Making money in the music business? Find out how to claim income from gigs, maximize your deductions, and file the right tax forms with the IRS.
Syllabus
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Introduction
- Welcome
- 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?
- Income
- Deductions
- Deduct now or depreciate?
- Automobile expenses
- Home studio and home office
- Travel and meals
- Other expenses
- Sole proprietors and partnerships
- LLCs and corporations
- EINs
- Help with taxes
- Navigating the tax return
- Estimated taxes
- Payroll and sales tax
- Next steps
