We’ll find every industry-specific deduction you qualify for and get you every dollar you deserve. You can also file your self-employed taxes on your own with TurboTax Self-Employed. Your tax expert will do your taxes for you and search 500 deductions and credits so you don’t miss a thing. With TurboTax Live Full Service Self-Employed, work with a tax expert who understands independent contractors and freelancers. Monthly review and adjustments helps spot any missing documentation. Review income and expenses monthly, organize your bills and receipts as needed, and ensure you’re setting aside enough money for your quarterly estimated tax payments if you are required to pay them. Keep these and all other records of your income in one folder to easily calculate your total income. You may also receive a series of 1099 forms from your clients before tax time.Put home utility bills in one place so you’ll be ready to calculate your home office deductions at tax time.Keep all of your receipts in a series of folders. Note, too, that when you attend functions sponsored by industry associations like the National Association of Music Merchants, or NAMM, and Audio Engineering Society meetings, your travel, lodgings, meals, and attendance fees are deductible business expenses as long as there is a business reason for you to attend.įor all the expenses you plan to deduct, you’ll need documentation in the form of bills or receipts. professional services necessary for your business, such as lawyers' fees and the business portion of your tax preparation costs.membership fees to professional associations, like the American Federation of Musicians. ![]() fees associated with maintaining your website, like domain registration and monthly hosting.the costs associated with registering for a business license.Note that expenses related to a home studio are deductible, as are: Launching and maintaining your music business usually involves paying some basic business expenses, and you can deduct these on your tax return. Running a music business likely requires certain monthly expenses, and you can claim these as deductions to reduce your tax liability.
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