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Modern Recording Techniques, 6th Edition by Robert E. Runstein, David Miles Huber

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APPENDIX B

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Tax Tips for Musicians

by Jeffrey P. Fisher

Everybody complains about taxes. But few do anything about it. Well, there are several actions you can take to improve your tax situation right now. If you’re making even the tiniest amount of music-related scratch, there’s no reason to pay more taxes than you have to. To reap the most tax benefits, start running your music career as a legal small business. The IRS loves small business. According to the Small Business Administration, there are 25 million small businesses in the US today. And a large percentage of them are sole proprietorships—one person shops. As a sole proprietor, you report ...

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