It’s tax season and you should be thinking “Yes! how many ways can I find to reduce my taxable income?”
As a musician, there are PILES of ways to reduce your taxable income. First, let’s look at two types of working scenarios.
If you gig/perform a lot, chances are you are paid on a 1099 or several (because you filled out plenty of W9’s)-or you are just paid by check or cash. In both instances, taxes to the federal and state governments were not taken out. If this money hits any of your bank accounts, it is considered a part of your taxable income (and traceable). By filling out a w9 you are agreeing to be the responsible party for forfeiting your own taxes.