TAX

Tax Planning

Many musicians do not take advantage of the expenses they incur. Every facet of your entertainment career should be tracked and applied to your income. If you pay taxes at a 25% rate, each expense item you can claim is the same as buying that item with a 25% discount. We will not work with clients who want to bend the rules, but we do want to teach clients to take full advantage of what they are legally entitled to deduct.

Examples of Deductible Items:

Instruments, home rehearsal space, in-house recording studios or equipment, cell phones, web sites, computers, magazine subscriptions, association dues, uniforms, costumes, dry cleaning, hair styles, make-up, shoes, classes … the list can be endless.

Tax planning is a critical component of all businesses. Musicians may be artists at heart, but they still have to address business and financial issues. Good, effective tax planning starts at the beginning of the tax year. If you have never sat down with a tax professional to discuss your financial details, you may not know what opportunities you have been missing.

Tax Compliance
Return Preparation & Audit Services

A musician must be concerned with the business of his or her art. Just like any other business, a musician must comply with accounting, tax or audit requirements. We provide tax return preparation and audits, as well other services, required to satisfy investors in your organization or the federal and state governments. We also prepare multi-state tax returns.

Some of our clients have simple tax issues. Others have more complex matters to resolve. Regardless of your situation, we will take care of these issues so you can stay focused on the creative aspect of music.

We can also offer professional advice on all areas of taxation. We can assist you with all of your tax planning, corporate tax planning, capital gains tax, and estate planning.