Contact UsI am a singer and have been traveling in many different States performing. My momentum, popularity and income have recently soared! I want to do the right thing with my income and pay taxes, but my manager says not to worry. Can you explain how to get this taken care of so I don't end up like Willie Nelson?
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Ronald Marini
Your managers advice is completely wrong. If you're getting paid as an individual, at the end of the year each payor will issue you a Form 1099 reporting your income to the IRS; so it's not a question of if the IRS finds you, its just a matter of when they will find you.
For federal tax purpose, I suggest you keep a good record of all of your associated expenses, since they are all deductible from your singing income,
Additionally, each state is going to require you to pay state income tax on the income you earn in that state and you may be subject to various municipal taxes. Both of these taxes, should be deductable from your income in calculating your federal taxable income.
A good bookkeeper or at least a very good detailed computer accounting package is a necessity!
Good luck with your singing career!
Ronald A. Marini, Esq.
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595 weeks ago
For federal tax purpose, I suggest you keep a good record of all of your associated expenses, since they are all deductible from your singing income,
Additionally, each state is going to require you to pay state income tax on the income you earn in that state and you may be subject to various municipal taxes. Both of these taxes, should be deductable from your income in calculating your federal taxable income.
A good bookkeeper or at least a very good detailed computer accounting package is a necessity!
Good luck with your singing career!
Ronald A. Marini, Esq.