| Rocking Out: It's hard to make it in show business. If | | | | sure you know exactly what you can deduct as |
| you're a Musician, you might be looking for all the help | | | | expenses. You also must report all of your earnings. |
| you can get. Did you know the IRS can give you a | | | | Here are some good ways to ensure all of this gets |
| helping hand? If you play your cards right, you can | | | | done: |
| receive lots of deductions doing what you love most. | | | | -Seeking Professional Tax Help |
| Classifying It: What is making music to you? Is it your | | | | -Hiring An Accountant or Bookkeeper |
| hobby? Or is it your business? If it's your business, you | | | | It's Also a Good Idea To: |
| have clear tax advantages. If your music is your | | | | -Get a business license |
| business, you can usually deduct the cost of your | | | | -Keep business cards on hand |
| equipment and other expenses on your Tax Return. If | | | | -Advertise your band |
| it's your hobby, you can only deduct up to the amount | | | | -Join Musician's organizations and Unions |
| of income you earn from your music. | | | | -Copyright your music |
| Playing the Part: If you've decided that your music is | | | | *Keep all of the documents involved with your |
| your business, you have to be prepared. The IRS is | | | | business. You'll need them to prove your music is |
| going to attack your claim. They are aggressive about | | | | indeed your business if the IRS gives you trouble. |
| saving money, so you need to play the part. Make | | | | |