The professional musician has to take all of the deductions allowable by law, to survive in the field.
You have to keep records of your expenses and be sure to take the deductions come tax time.
Take the time to read the pages listed below so as to take advantage of as much as possible.
The I.R.S. is not likely to call you to let you know of a deduction that you missed.
This is only a guide, and before you file you should get it all reviewed with a tax professional.
There are a lot of details, and we haven't discussed long term investment, health insurance and other deductions that are used by all of us.
This is designed to be a helpful guide for entertainers, performers and musicians.
Often the tax preparer doesn't know about all available options, and in the end you alone are responsible for your situation. Better to be educated than a victim.
A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.
The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.
I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.
Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.
I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.