Tag: tax strategies
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Roth Conversions for Musicians
I want to get the word out about Roth Conversions for Musicians. So many of us are missing out. If you make less than $105,050 married, a Roth Conversion is a great way to potentially save on future taxes. For a married couple, the 12% Federal Income tax rate goes all the way up to…
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New IRS Rule Spoils SEP-IRA for Musicians
The SEP-IRA has been a key retirement tool for self-employed and 1099 musicians, but its value just got unexpectedly reduced last month, buried in the details of a 249-page release of new IRS regulations. I’m afraid that many self-employed musicians who read this may want to fund a different type of retirement account or may decide…
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Musicians, You’re About to Lose Your Tax Deductions
Musicians have been asking me if the new tax bill passed by the House yesterday will have any impact on us. Yes, the legislation, if passed in the Senate, will greatly reduce the ability of professional musicians to deduct many of the expenses we incur in our work. I should state right at the outset…
