Taxes and Accounting for Music

Introduction

• Welcome

1. Common Tax Questions

• Is music your hobby or your business?
• How do you manage bookkeeping?
• How likely is it that you'll get audited?
• What happens at an audit?
• How long do you need to keep tax records?

2. What Counts as Income?

• Income

3. Strategies for Deducting Expenses

• Deductions
• Deduct now or depreciate?
• Automobile expenses
• Home studio and home office
• Travel and meals
• Other expenses

4. Different Rules for Different Entities

• Sole proprietors and partnerships
• LLCs and corporations
• EINs

5. Preparing and Paying Taxes

• Help with taxes
• Navigating the tax return
• Estimated taxes
• Payroll and sales tax

Conclusion

• Next steps