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Financial perspective

What is your financial perspective on performing music?

  • Performing is my primary source of income and I report it on my taxes

    Votes: 6 6.2%

  • Performing is an important secondary source of income and I report it on my taxes

    Votes: 18 18.6%

  • Performing makes beer & GAS money, but my day job pays the bills

    Votes: 40 41.2%

  • Performing music can earn money? Liar!

    Votes: 20 20.6%

  • Performing is a vicious, sinister money sucking pit, but one day it'll make me rich

    Votes: 8 8.2%

  • Carrots

    Votes: 5 5.2%
  • Total voters
    97
  • Poll closed .
#21
Playing was a nice secondary income years ago, but these days the money mainly goes back into practice space rental, studio time, gear (this is where most of it ends up) and beer (second largest expense...) etc. I guess it's just a free hobby now and as long as I can keep buying new toys without my wife getting angry I'm happy.
 
#22
14k a year weekends a few week nights. + A 9to5 the money helps support outher money looseing habbits , motorcycles race cars and treating my wife to a good time. I know that that is not the norm. whin liveing in S.F bay aeria waaaaaaay dff, guess Im blessd to live whare you can get ok money in a beer joint.. God Bless Gig on!!!!
 
#23
kb9wyz said:
Of course, I do have to ask, is there anybody that actually claims their band-as-secondary-income on their taxes? I have yet to meet one. That's why I ask.
Click to expand...

Yup, I do. Partly because they send a copy of the 1099's to the IRS as well as to you.. :D You do get to deduct musical gear, which is an automatic approximate 30% discount on your musical gear. And there's the satisfaction of knowing you won't go to prison.

I got to spend a few nights in county jail with my last job. Had to work with one of the COs who worked midnights inside the lockup. I REALLY enjoyed the part in the morning, where I walked up to the "airlock" leading outside, waved at the camera, and heard the "CLICK" of the door unlocking for me to leave.

I for one would not want to be in a position where as I walk by the camera, wave, and instead of hearing the "click" of the lock unlocking, hear "Move along buddy"...

But that's just me, maybe I'm old fashioned.

I don't want to play too often any more, not too many weekends. So I don't make a lot of money at the end of the year. Not a major source of income, day job takes care of the bills. But its handy extra income, it keeps me from hitting the ATM to get money during the week. After it pays for all my musical equipment.

Randy
 
#24
steveksux said:
Yup, I do. Partly because they send a copy of the 1099's to the IRS as well as to you.. :D You do get to deduct musical gear, which is an automatic approximate 30% discount on your musical gear. And there's the satisfaction of knowing you won't go to prison.
Click to expand...

You got that right. Every $1k I spend on the band costs me $700 in cash, the other $300 comes back at tax time. I played for many years before I ever got a 1099 though.

I have learned a LOT about the TB community through this poll. When the poll closes I'll do a little summary. This poll has substantially changed the way I'll respond to certain questions in the Band Management forum.
 

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