Episode 7

Flute 360 | Episode 7: “Tax Information for the Self-Employed Musician” (29:57)

In this episode, Heidi discusses tax tips for the working musician. She lists off different deductions that you as a musician or private lesson teacher can write-off and urges you to have a CPA file your taxes to avoid audits. Heidi also talks about when quarterly payments are due and gives you tips on how to manage your finances.

Episode 7 – Main Points:

  • CPA (1:04)
  • Stay organized (2:22)
  • List of deductions (4:55)
  • Deduct mileage (6:26)
  • Your studio space (9:02)
  • Deduct promotional efforts (11:42)
  • Deduct music supplies (12:24)
  • Deduct instrument purchases (14:24)
  • Deduct food (15:45)
  • Deduct business clothes (17:34)
  • Miscellaneous deductions (18:17)
  • Keep a monthly report (19:57)
  • Quarterly projections (21:36)
  • Quarterly payments (22:58)
  • IRS’ schedule (24:24)
  • Save money for quarterly payments (25:26)
  • Why keep track of expenses (28:02)
  • Summary (29:00)

Episode 7 – Resources Mentioned:

Heidi Kay Begay’s Information:

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