Taxes for Musicians and Artists
You have a music business, a band, a solo act, or even a recording studio – and need your taxes done – OR – forgot to file taxes last year -OR- you’ve received a notice from the IRS or a state.
Whatever you need, Growth Group makes taxes simple, so you can understand. We always start with a conversation about what you need to accomplish, have you fill out our “What’s Up With Tax” questionnaire, then get started on your tax returns.
Tax Preparation for Musicians and Artists
When you choose tax services from Growth Group, we start with simplicity. A conversation and tax form handover get the performance started. No fuss, no confusion. Everything online.
- review of last year’s tax return,
- electronic filing of taxes,
- direct deposit or debit card to receive federal and state refunds faster,
- payment plan set-up (if you don’t use our tax planning service and wind up owing taxes)
- stop your employer from taking out too much in taxes (or not enough)
Tax Planning for Music Industry Professionals
Planning for taxes is one of the most crucial parts for paying less of them. Tax plans are for new musicians or seasoned artists. Everything begins with bookkeeping, and the tax plan backing it up allows you to save money for more important expenses. In order for us to give you ideas for tax planning, we need to know a lot about you and your music or art. We’ll ask a ton of questions, and make sure you have a darn good story to tell when someone asks, “do you know an accountant?”
Jam session to create a tax plan includes:
- one hour meeting (normally over Skype or FaceTime, we realize you’re touring)
- review of taxes taken from paycheck (too much? not enough?)
- error and savings check for last 3 years of tax returns
- email with final recommendations
- final discussion with instructions for performing tax plan
In the end, you’ll have to follow the tax plan we’ve created to grab the most tax breaks. But, that’s why you hired Growth Group right?
Tax Questions Musicians Ask
You’re not a tax professional for musicians, we are. So, we expect you to have questions about your taxes. At Growth Group, we want to help educate you about taxes so you understand. Here are some questions often asked by musicians about taxes:
- Can I write-off my iPhone?
- Are tax refunds good?
- Why do you need receipts for tax deductions?
- Are there tax credits specially for artists?
We can answer those tax questions and many others, no problem.
Need bookkeeping or accounting too?