🎵We teach music professionals how to create and maintain financial stability. 🎥 Check out our 5-part video series and Learn how to quit your day job⬇️
Joined May 2012
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Stop thinking you can keep earning money in the music industry and the IRS won’t know!
You’re not that difficult to find online.
Yo! Your team is waiting on their 1099s so they can file taxes!
Here’s how you can get them done FAST 💨
If you don’t want the hassle of filling out the IRS forms by hand and mailing them to your band, manager, attorney, etc.
Here’s what you do...
-4th Create A Process
📝Setup a process for collecting this info upfront & don’t wait until the last minute next year.
BEFORE you pay anyone, request the W-9 and get it back before you send payment!
This will increase their urgency to get it to you because they want their $$$
Music industry! Let’s talk TAXES.
Uncle Sam is serious about his money. Here are some business hacks to stay off his list.
Okay, let’s do this!
2. Don’t Be Scared of Tax Deductions
If you’re a producer with a home studio, or a touring artist with a band... there could be HUNDREDS of tax deductions you’re missing out on!
Everything cant be deducted but you can find a music CPA approved list here: 100.growthgroup.com
3. Track Your Expenses
This is 🔑. If you don’t track it HOW are you going to deduct it?! Put everything you buy for music on a credit/debit card and connect it to a system like @Xero.
When you spend, the transaction will pull into the system automatically for you to sort.
I do not serve money. Money serves me. I believe I will always have enough , and more is on its way to me.
Talked to a songwriter/producer yesterday who owns a successful music business and told them that they spent $120,000 on clothing, shoes, jewelry, etc last year. And I said to them, “If you spend that same amount of cash to invest you could make $20,000/yr on it”
Here’s How 👉🏾
And any music entreprenuer can use this strategy it doesn’t take $120k to start! If you just start saving 5-10% of your current income you’d start earning interest and eventually have the capital to START with one property and build from there! Stop complaining, start building!