Tax Tips for Studio Teachers

tax tipsThis series of posts on tax tips was written by guest author Tairsa Mathews. She’s an accountant, bassoonist, and piano teacher in Utah.

I am so excited that Jessi asked me to write this series of blog posts. It’s not often that I get to use my accounting degree to discuss my favorite subject: music. I find that the two worlds don’t often overlap. Accountants know nothing about music and often musicians know nothing about accounting.

I’d like to give a few tips to those musicians who would like to better understand accounting. As most musicians function as a sole proprietor for at least a part of their career, there are some important things to understand.

The following posts will focus on a few things you can do to make your life (and your accountant’s life) easier when tax season comes. Having worked on both ends of the spectrum, I have acquired a few habits that have made tax season much less painful.

Is my studio a sole proprietorship or an LLC?

Do I need a business bank account?

What counts as a legitimate business write-off?

Do I need to keep receipts, tax forms, and such?

(I offer this information as a novice in the accounting field. I received my Bachelor of Science in Accounting. I do not have a CPA license, and I highly recommend that my information be taking simply as opinion, not as legal advice.)

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