Taxes for Musicians and Performers
Taxes can be a daunting area for performers. The taxes and admin of music are often the last of a long list of things that a performer is focused on. The secret to overcoming the tax-phobia is to develop an understanding of its contents.
The majority of performers are considered ‘self-employed’ in regard to filing their taxes. This means that your ‘business’ as a performer and you as a taxpayer are on and the same. Performers generally file as a ‘Schedule C’ as part of the regular 1040 income tax form.
The goal when approaching your tax return is foremost to lower your taxes! There are a number of tax deductions that are unique to the performer trade.