3 Common Tax Deductions for Musicians

taxes thriving musician Oct 15, 2018

 

Few of us ever test our powers of deduction, except when filling out an income tax form.

- Laurence J. Peter

Think of tax deductions like music scales. Once you are familiar with major scales you can move onto minor, diminished, augmented, whole tone, harmonic, egyptian, you name it. Let’s build a foundation with 3 of the most common tax deductions for musicians. At the end of this post I will share a link to download a much longer list of tax deductions to dive into.

Before we...

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Contracts: Don't Play A Note Without One

Until the contract is signed, nothing is real. - Glenn Danzig

As intimidating as a contract sounds, it can be quite relieving and lead to healthier personal and business relationships. A simple way to lighten the mood is to use the word “agreement” instead of “contract.” This implies both parties are equal in negotiations and “agree” to the terms at hand.

Agreements protect both parties in the event one or more terms are violated and come in many forms....

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Do Musicians Need Insurance?

YES, YES, YES, YES, YES, YES and maybe...

Many studies over the decades have concluded that over 40% of musicians do not have health insurance. Many of my colleagues and clients are in the same boat. With that in mind, how many musicians do you think have home, liability, disability or life insurance?

Insurance defined:

  1. A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment...
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10 Income Sources for Musicians

Multiple. Streams. Of. Income.

Ever hear those magical words? Musicians, artists and freelancers who diversify their income increase their sense of job security and freedom of choice. There are many sources of active and passive income in the music industry to choose from. Let’s start with 10.

1. Performing Live

This might include restaurants, bars, clubs, stadiums, music festivals, house concerts, retirement homes, libraries, parks, cruise ships, Disneyland/world, airports, coffee...

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5 Ways to Kickstart Your Music Career

Music is spiritual. The music business is not.

So you made it through music school and you’re ready to start your career. Ambition and hope is at an all time high and then you remember in 6 months your student loan payments begin. Panic, frustration and fear set in... Wait. Let’s not go down that rabbit hole because it doesn’t do anyone any good and a positive mindset will carry you through the hard times.

This post will cover 5 ways to kickstart your music...

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How To Set Your Rate As A Freelance Musician

Freelance does NOT mean free...

So you’re a musician who’s ready to start working and live your lifelong dream. Let’s skip the finding work part for now and cut to the phone call from your friend or stranger: “Hey, my restaurant manager thought it would be snazzy to have a saxophone and accordion serenade our guests for 5 hours next week and I immediately thought of you.” (No mention of compensation.)

Now what?

When it comes to setting your freelance rates...

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What is a Thriving Musician?

thriving musician Aug 27, 2018

 

We are like roses that have never bothered to bloom when we should have bloomed and it is as if the sun has become disgusted with waiting.

-Charles Bukowski

Imagine a rose. They exist in various colors and sizes. They are beautiful, expressive and lovely yet strong, protective and require recurring maintenance to thrive. Some roses bloom into beautiful flowers and others don't make it past the stem. The growth of a rose is similar to that of a musician.

...

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My Story Part 4: When Success Is Just The Start

"Success isn't just about what you accomplish in your life, it's about what you inspire others to do."

In July of 2017 my path to purchasing my first property came to completion. Stepping into my condo for the first time was like the last step up the mountain. I never thought a freelance musician could accomplish something as "normal" as buying a home. 18 months prior I set out to prove that creatives can thrive. I thought it would take much longer, yet here I am writing this blog series...

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My Story Part 3: When The Slow Process Snowballs

"It's a slow process, but quitting won't speed it up."

My mother gave me "The Slight Edge" by Jeff Olson right around the time my bank account showed a $67 balance in 2015. That book ignited a flame that would change everything. I went into a learning frenzy. I was always into self-development in other aspects of my life, but not financially. Over the next 18 months I consumed a wide range of books, podcasts, online education tools and started taking action.

Frustrated with...

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My Story Part 2: When Hitting Rock Bottom Feels Good

"When you've hit rock bottom the only way to go is up."

In May of 2013 I earned a Master's Degree in Jazz Studies and my performing career was just beginning. Stints with Aretha Franklin, Korn, Frankie Valli & The Four Seasons and an ever expanding discography as a sideman highlighted a promising start to my career in music . I was happy with my progress and learned a lot about the music industry from those experiences at the national, regional, and local level. Soon after...

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DO YOU WANT TO REDUCE YOUR TAXABLE INCOME?

Download my Ultimate List of Tax Deductions for Musicians for FREE!