Flute 360

Flute 360 | Episode 7: “Tax Information for the Self-Employed Musician” (29:57) In this episode, Heidi discusses tax tips for the working musician. She lists off different deductions that you as a musician or private lesson teacher can write-off and urges you to have a CPA file your taxes to avoid audits. Heidi also talks about when quarterly payments are due and gives you tips on how to manage your finances. Episode 7 – Main Points: CPA (1:04) Stay organized (2:22) List of deductions (4:55) Deduct mileage (6:26) Your studio space (9:02) Deduct promotional efforts (11:42) Deduct music supplies (12:24) Deduct instrument purchases (14:24) Deduct food (15:45) Deduct business clothes (17:34) Miscellaneous deductions (18:17) Keep a monthly report (19:57) Quarterly projections (21:36) Quarterly payments (22:58) IRS’ schedule (24:24) Save money for quarterly payments (25:26) Why keep track of expenses (28:02) Summary (29:00) Episode 7 – Resources Mentioned: Cutler, David. The Savvy Music Teacher: Blueprint for M