When it comes to taking your passion project seriously and moving things to the next level, then its time to start treating your hobby like a business - particularly when it comes to tax write-offs. Here we look at how formalizing your musical pursuits can save you money in the long run.
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In this new post to MusicThinkTank, Jeff Mowery looks at how artists can earn back some of their production costs by treating their music the way a business would.
"For full time and committed part-time musicians, the first mistake comes in not having a business structure to hold the value brought in by way various capital via equipment and expertise. The tax structure for taking these large purchases on is better suited as a business expense in which you can legally deduct during tax time. This is only the beginnging. Travel taken to various shows are rarely written off!"
from hypebot https://ift.tt/2L6Yng7
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