It’s that time again; Uncle Sam needs to spend your money on paving roads and funding schools and a few other things we could all disagree over until the cows come home. As the saying goes, “Two things are certain.” One of ‘em is taxes.
But it’s not all bad news. Along with the downers like having to claim that $150 bucks the door-guy handed you at your last gig, you also get to write off expenses, of which there are MANY: equipment purchase, maintenance, travel costs and car mileage, practice or office space rental, audio and video production expenses, web hosting, etc.
For some great information on how musicians can make the most of their confusing tax forms, check out our interview with Allen Jones on the DIY Musician Podcast episode #47: A Musician’s Guide to Taxes.
-Chris R. at CD Baby
P.S. Also, don’t forget to log into your CD Baby members account and tally up your digital and physical music sales from the previous year. You should be claiming that income, but hey– you can also write off that one-time CD Baby submission fee to sell your music around the world!