Tag: independent contractor
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Starting a Profitable Music Studio
Many professional musicians find teaching to be personally fulfilling and an important part of their annual income. Sharing your love of music with someone else is incredibly rewarding and a way of giving back for the great teachers who inspired us to follow our own path. Teaching the content is easy, but I think many…
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Estimated Tax Payments For Musicians
The IRS requires that tax payers make timely tax payments, which for many self-employed musicians, including 1099s, means having to make quarterly estimated tax payments throughout the year. Otherwise, you could be subject to penalties for the underpayment of taxes, even if you pay the whole sum in April. The rules for underpayment apply to…
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Bonus Depreciation for Self-Employed Musicians
We’ve written extensively about the loss of tax deductions for W-2 musicians under the new Tax Cuts and Jobs Act (TCJA). For self-employed musicians, however, there are some changes for 2018 which may benefit you if you are an Independent Contractor (1099), Sole Proprietor, or have formed an LLC or Corporation. Specifically, Section 179 has been…
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Are Orchestra Musicians Independent Contractors?
Are orchestra musicians independent contractors? Landmark court case says no, musicians are employees. In April 2016, the U.S. Court of Appeals ruled that the musicians of the Lancaster Symphony are employees. The orchestra’s management argued that musicians were independent contractors with no right to unionize. The musicians eventually prevailed after an eight year legal fight.…
