Hi,
Thought I would start here in asking about taxes and touring etc. My band and I just got going for doing shows recently and have landed a gig at a higher tier bar in our area. Normally not a big deal for us but they are the first to ask for tax preparation information, namely a SS# or EIN#.
I have two questions. Firstly, if we were to go the SS# route, using mine for representation of the band, how would I go about filing taxes at that point. The research I've done so far has said that I would file taxes for the band under my name and then would pay the taxes for the band having the other members then contribute their share after the taxes have been deliberated etc. Is that about right or is there more to it?
Secondly, if we go the EIN# route a similar question as above comes to mind as to how things get paid and how taxes are filed. But also if we were to file an EIN what would we file under?? A sole proprietor or partnership seem to make the most sense to me. If this is something you didn't have to deal with, I am open to all suggestions on the topic.
Thanks,
a left handed fish
Thought I would start here in asking about taxes and touring etc. My band and I just got going for doing shows recently and have landed a gig at a higher tier bar in our area. Normally not a big deal for us but they are the first to ask for tax preparation information, namely a SS# or EIN#.
I have two questions. Firstly, if we were to go the SS# route, using mine for representation of the band, how would I go about filing taxes at that point. The research I've done so far has said that I would file taxes for the band under my name and then would pay the taxes for the band having the other members then contribute their share after the taxes have been deliberated etc. Is that about right or is there more to it?
Secondly, if we go the EIN# route a similar question as above comes to mind as to how things get paid and how taxes are filed. But also if we were to file an EIN what would we file under?? A sole proprietor or partnership seem to make the most sense to me. If this is something you didn't have to deal with, I am open to all suggestions on the topic.
Thanks,
a left handed fish
