Growth Group | Accounting for Musicians

Don’t Lien on Me!

Celebrity musicians, actors, and other entertainers often make media headlines regarding their tax malfunctions. Don’t let this be the story in your business.

Most musicians file taxes and pay on time as required by law, like entrepreneurs in other fields. However, if you ignore tax notices, letters from the IRS or state, and wait too long to respond, you could find yourself in over your head. Tax liens, not unlike wage garnishments and levies, demand your attention. The power of the IRS and states is real. So, protect yourself and call an accountant before you file taxes. You’ll save yourself a headache, your personal belongings, your business assets, and yes, even your bank account. Take a look at the scenario below, this is the accountant version of “Lean On Me” by Bill Withers:

Sometime our lives, we all have to pay for what Uncle Sam borrowed.
But, if we are wise, we won’t wait ’til tomorrow.

Musician: Don’t Lien On Me!

When you’re not strong
I’ll take your Benz
and I’ll add interest on.
For, it won’t be long
‘Til I’m gonna need somebody to lien on.

So don’t try to hide,
if that tax bill is hard to swallow.
For no one can fix those of your needs
and I won’t let it go.

Accountant: You just call on me brother when you need a hand.

IRS: We all need somebody to lien on!

Musician to Accountant: I just might have a problem that you understand.

States: We all need somebody to lien on!

Musician: Don’t Lien On Me!

If you have a load and don’t understand plus the forms look scary,
I’m right up the road and I’ll take your load,
If you just call me.
Call me,
Call me,
Call me!

Instead of having a heavy load of a tax bill to begin your new year in 2014, ask your accountant if you should file taxes quarterly, instead of just annually.