Tax Basics for Musicpreneurs: The Musician's Tax Guide
From prep work to paying estimated taxes to tax write-offs for musicians, here's what you should know about how to do taxes as a musician
Why do taxes for musicians have to be so complicated?
You know what we're talking about:
- The forms with the confusing names
- The complicated math equations (is zero the right answer?)
- The questions you don't quite know how to answer...
Add to that the challenge of reporting self-employment income, knowing what kinds of musician tax deductions you can take (on both the business side + personal side of your tax return), and figuring out how much you actually owe in estimated tax each quarter (I'm getting taxed twice? Is that right?).
No wonder tax season is such a stressful time. We're here to try to change that.
Disclaimer:
This content is for educational purposes only and should not be construed as tax advice. The information provided in this course and workbook is not a substitute for advice from a qualified professional who is aware of the facts and circumstances of your individual situation. We expressly recommend that you seek advice from a tax advisor familiar with your specific situation.
Hi, we're Ashley and Steve Danyew.
We're musicians, educators, and music entrepreneurs and we’ve been running our own businesses for over 15 years.
We’ve been doing our own taxes since the beginning and while we don't consider ourselves experts by any means (literally—we are not tax advisors and the content we share in this class should not be taken as tax or financial advice), there are a few things (okay, a lot of things) we've learned about how to do taxes as a musician along the way. And now, we want to share them with you.
Doing your own taxes as a self-employed musician? There are a few things you should know.
Tax Basics for Musicpreneurs is an on-demand audio class on all things taxes for musicians.
You'll learn how to report your self-employment income, how musician tax deductions can actually save you money, and the working formula for calculating your estimated tax payments. Plus, you'll learn how to prepare your tax documents and records to file your own annual tax return.
Again, we are not tax advisors, but we have over 15 years of experience managing our own businesses, paying estimated taxes, and filing our own annual tax returns (with a variety of income sources, multiple Schedule Cs, and at times, income from two different states).
We can speak to the specifics of being a music freelancer or self-employed musician and running a small business in the arts industry and we'll share practical tips and relevant resources along the way.
Inside, you'll find:
"Who knew working on taxes could be so fun?!"
- Future You
If you've been Googling "How to do taxes as a musician"...
This class is for you.
- Get clarity on the numbers you need to know for your taxes
- Learn how to file your own taxes as a self-employed musician
- Get a list of tax write-offs for musicians that will lower your taxable income
- Understand the federal tax brackets and self-employment tax so you can feel confident you're paying the right amount in estimated tax
- Feel organized and prepared come tax time
- Gain confidence in managing your business finances as a music freelancer or self-employed musician
You'll walk away with:
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5 practical strategies for tax prep that will make filing your musician tax return a breeze (there's a checklist for that!)
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The working formula for calculating your estimated tax payment each quarter + how and when to pay this in your business (there's a worksheet for that!)
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Simple systems for staying organized throughout the year so you can feel prepared and ready for tax season
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A short-list of tax write-offs for musicians so you can invest in your business and strategically lower your taxable income
What's included:
Here's what you get with this free class
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Welcome & Intro
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Tax Basics Workbook
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Part 1 - Tax Prep Work: Our Step-by-Step Process
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Part 2 - What You Need to Know About Estimated Tax
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Part 3: Year-Round Tax Organization Strategies
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Next Steps + Invite
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About this course
- Free
- 6 lessons
- 0 hours of video content
What other musicians have asked before signing up for this tax class:
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What do I get when I sign up?
Once you've signed up for this free class, you'll automatically get access. Inside, you'll find three on-demand audio lessons + a collection of printable resources and worksheets to help you get organized for this year's tax season.
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Can I access this class after tax season?
Yes, absolutely! The class is open year-round. It's on-demand, so start when you're ready and work at your own pace. Access it anytime, anywhere (with an internet connection).
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Anything I need to do to prepare?
Nope! Simply show up, ready to take notes (paper and pencil encouraged 😉). If you want to get a gold star (who doesn't?! ⭐), print out the included worksheets and case studies before you listen to the audio lessons so you can reference them as you go through the class.