Tag: Self-Employed

  • Starting a Profitable Music Studio

    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…

  • Estimated Tax Payments For Musicians

    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…

  • Bonus Depreciation for Self-Employed Musicians

    Bonus Depreciation for Self-Employed Musicians

    We’ve written extensively about the loss of tax deductions for W-2 musicians under the┬ánew 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…

  • Self Employed? Discover the SEP-IRA.

    Self Employed? Discover the SEP-IRA.

    I wish more self-employed people knew about the SEP-IRA because it has a number of terrific advantages over a Traditional IRA.