income tax deductions for musicians

it’s february, and tax time is coming up soon. if you’re like me, you probably won’t get around to thinking about taxes until the week they are due. (but i don’t encourage procrastination!)

if you are a self-employed musician (in the tax sense), you may be able to write-off many  of your expenses, thus making paying taxes this year less painful. here are some suggestions on what you could potentially write-off.

travel expense:

• laundry (yes, really)
• lodging
• local transportation (taxi, bus, subway)
• meals
• airfare
• car rentals

auto mileage:

• education
• gigs
• rehersals
• attending performances
• auditions

equipment and supplies:

• computers/printers
• software
• sound systems
• strings, instruments, etc.
• sheet music

cost of cutting a CD:

• artwork
• cost of producing CDs
• studio time
• photography
• hired musicians or engineers

auto expenses:

• transportation costs (gas, oil, or bus fare)
• repairs
• washing
• parking, tolls
• insurance

*these potential write-offs are very generalized. what you can actually write-off depends on how you run your “business” of being a musician. so i’ll end with some typical advice:  “ask a trained professional about your specific situation. the money you pay them may be worth it!”

~ by cafenotes on February 16, 2009.