Listen, we get it — just because you’re used to counting time, that doesn’t mean you’re a math whiz. Taxes in particular can easily trip people up, with their complex rules and rapidly changing tempo.
Luckily, there’s an easy trick all independent musicians can use to save money on their taxes. By writing off all the ordinary business expenses you run up every day, you can easily lower your tax bill several octaves. Talk about music to your ears!
Schedule C, Box 18
Adobe, Audacity, GarageBand are necessary for the job and therefore tax-deductible.
Schedule C, Box 22
PA systems, cables, mics, and other hardware used to record or project music is tax-deductible.
Schedule C, Box 8
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
Schedule C, Box 27a
Coaching, seminars, or workshops used to maintain your work-related skills can be written off.
Schedule C, Box 27a
Instruments, cases, bows, music stands, even your music library are tax-deductible expenses.
Schedule C, Box 27a
Spotify, Pandora, and other services help you keep up with industry trends and do research for your own work.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 11
If you need to hire an editor, designer, photographer, or other creative pro, write off what you pay them.
Schedule C, Box 27a
If buy a phone or laptop and use it for work, it's partially deductible.
Schedule C, Box 13
The depreciation on your machinery and equipment is considered tax-deductible.
It might be music to your ears to find out that you can deduct car expenses if you drive for work, like to get to a gig or band practice.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you go out to eat or grab a drink with a venue owner, promoter, producer, or agent to promote your music, it counts as a business expense and can be written off your taxes.Similarly, getting food or drinks with fellow musicians to talk about trends in the music industry also counts!
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you're playing at an out-of-town gig, you can write off the associated travel expenses, like renting a van or booking accommodations.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you have a home studio or just a dedicated workspace to research and compose music, you can write off some of your home office expenses.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
