• TalkBass has been independent since 1998. Add your voice.
    Create a free account to reply to discussions, view embedded media, and browse with fewer display ads.
    Join free Log in
    Want zero display ads or expanded classifieds tools? Compare plans.

Question for those who play professionally...

R

rob_d

Jun 14, 2001
131
0
Visit site
#1
I recently have been fortunate enough to get into a steady enough situation with sane people, making enough bread, that I've been able to join the ranks of those who play as their sole income.

Here's a weird question. I'm thinking of moving into a new apartment. When they ask for my employment and some sort of income verification what do I do? If I put down "musician" as my profession I will likely be laughed out of any decent complex. How do I "prove" that I make enough money to pay rent and bills? I guess this would apply to anyone that's self employed.

Also is there a link to a site that explains in plain english what exactly I should do about taxes and filing with the IRS etc...? I've never done it before but it's never been my sole income. If I try to convince the IRS next year that I made 0 dollars in 2005 it's probably not going to fly.
 
#2
I really can't offer any input as to how best to deal with the musician prejudice. I have a track record of earning and I still find it easier to just lie about what I do for a living from time to time.

AS far as the IRS issue goes:

www.donniecastleman.com

My whole band used Donnie this year and what a great idea that was.
 
#7
Look into, I believe, it's the Schedule C form for taxes. It's time to get serious about your record keeping.

If you're going to be a professional musician, only playing music, and receiving no income, you're going to have to pay taxes. Keep a log in your car for mileage. Keep receipts and organize them. Talk to an accountant. This bears repeating. Talk to an accountant. You'll have to pay to get your taxes done, but it's worth it. Learn what you can declare as deductible and what you cannot.

How is it working now, is someone in the band simply issuing a 1099?
 
#8
I believe that even if you play part time (weekends, etc...) you are obligated to, er' "contribute?" to IRS requirements. Most establishments that I know pay by check in order to document their own "itemizations." My interpretation is that if you don't claim the income, they'll politely remind you sometime in the future.
 
#11
Get an accountant and one that knows musicians.

This can really make a huge difference in your stress level. I have an accountant I've been using regularly for about 5 years and she calls me when I need to do anything. All I need to do is keep records and sign my name. She does the rest.

My standard rant... A capitalist society depends on each person in the society having a specialized skill. My contribution is music. Hire someone to handle your taxes.
 
#12
Jeb said:
I believe that even if you play part time (weekends, etc...) you are obligated to, er' "contribute?" to IRS requirements. Most establishments that I know pay by check in order to document their own "itemizations." My interpretation is that if you don't claim the income, they'll politely remind you sometime in the future.
Click to expand...

Pretty much. Any income you recieve for any reason is taxable by the IRS. It doesn't matter how you earned it, it still must be reported and potentially taxed. Of course people seldom do report all their earnings, but you are definately supposed to.

On great option open to pro musicians, or anyone self employed is to incorporate. Your options for how to minimize tax liability are much greater if you do this, when I was doing my contracting gig I saved more than $10k in taxes after I incorporated.

A good accountant will be able to help you figure out the best way to go about it, but it is definately an option anyone who makes money from music regularly should look into.
 

Latest posts

Top Bottom
Back