Musicians, DJs and other artists are usually self-employed and work on a contract basis. Usually, these artists face different challenges related to tax altogether. Therefore, having a clear view about your rights and obligations as a taxpayer is extremely important in order to capitalize on your financial savings.
any independent artists fail to realize that they are responsible for paying a huge portion of their income in self- employment taxes. Contrary to the traditional employees, self-employed individuals can deduct more business expenses and additional costs directly from their revenue. By considering an accounting and tax professional for musicians and record artists, you are more likely to meet your tax obligations while maximizing your bottom line and solidifying your opportunities for future growth.
Probably the most widely recognized type of tax deductions for DJs and musicians involve buying musical instruments and gear, along with the expenses related to travel, commissions paid to the agents, and repairs and maintenance costs. In a big city like Charlotte, record producers are always facing complications related to unknown taxes being assessed. Self-employment is considered to be the fastest growing sectors of Charlotte’s economy which, if overlooked, can cause damage even before you have kick-started your career as a record producer or a musician.
As a musician, tax filing should be the last thing on your mind, you should be focused more on auditions and meetings and managing event booking. It is extremely important to manage your reputation in this cut-throat entertainment industry. Investing your valuable time in managing receivables and payments, tracking down complicated equipment depreciation value, calculating travel expenses can be exhausting.
Lodestar Taxes can walk the extra mile for you to simplify these day-to-day tax-related issues; our services include preparing annual returns along with complex CFO and office management functions.
Our experts for DJs and musicians can assist you in deciding what tax structure will suit your needs and manage your income flow while establishing a concrete structure for the future. From creating a limited liability company to maintaining a sole proprietorship, our highly qualified Charlotte-based tax accountants are capable of managing your tax accounts so that you can pay more attention towards your skills and personal branding.
We understand that you are supposed to give enough time your growing business – but why spend time doing things that are supposed to be done by qualified individuals who are trained and educated to manage your tax filings and bookkeeping?
Get in touch with Lodestar Taxes and we will get back to you with a tax plan suitable for your business.