Taxes for Musicians (Updated 2020) | Chris DeVito

Looking to maximize your deductions for 2020? How do you file your taxes as a musician? What are the biggest mistakes musicians make when organizing their expenses? Chris DeVito, owner of Blue Truffle Music and a pianist with over 40 years of tax experience, walks us through the basics of filing your taxes as a musician... in a fun way. Take out your notepads and get ready to write down some notes on today's episode of Jazz Biz 101.

*Refer to Disclaimer @ 10:48

2020 Updates:
- The recent stimulus package in response to Covid-19 will be looking at your tax returns, so make sure you complete them. At least complete your 2018 returns: https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue

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Index
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00:57 2020 Tax Reminders
01:43 Chris DeVito's Background
02:20 What Are Taxes?
03:13 Income Tax Filing Date Moved
03:40 Get A Refund!
04:21 Intro To Taxes For Musicians
05:26 Organizing Schedule C, Part II (Business Expenses)
06:36 Looking At Business Expenses
07:04 Reasons To Document Expenses
08:45 Best Practices for Taxes
09:40 Keeping A Gig Calendar For Expenses
10:20 Give Your Fair Share (not more or less)
10:34 Separate Personal & Business Expenses
10:48 Disclaimer
11:18 Organizing Schedule C, Part I (Business Income)
11:35 What is a Schedule C?
11:54 When Do You Need 1099?
12:11 Huge Business Loss Consecutive Years?
12:31 What is a Form 1040?
12:52 Music Business Expenses Examples
13:20 Keeping Track of Mileage
13:54 Are All Musical Supplies Deductible?
14:07 Business Meals?
14:23 Music Listening Deductions?
14:58 Other Commonly Missed Deductions
15:17 Tax Preparation Deduction / Software
15:36 How To Look For Tax Preparation Software
15:51 How To Determine Expenses
16:10 What An Auditor Thinks
16:45 Hobby Loss = No Deductions
18:08 Hobby Vs. Profession? Understand Taxes
18:43 Other Aspects To Consider
19:40 Filing Yourself?
20:14 Covid-19 / Coronavirus Losses for Taxes?
21:02 Popular Misconception of Deductions
21:37 Closing
23:25 Chris' Positive Outlook On 2020

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Feel free to contact our special guest Chris DeVito!
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Email:
chris@chrisdevitojazz.com

Blue Truffle Music:
https://bluetrufflemusic.com/

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Recommended Tax Software
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TurboTax Home & Business 2019:
https://amzn.to/3byHurF

QuickBooks Pro 2020:
https://amzn.to/2UuZuOd

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🎧 Did you enjoy the music on this video? Check out James Cage’s beats:
https://go.jamescagemusic.com/

Host - Peter Lin
Special Guest - Chris DeVito
Video Editing - Peter Lin
Music - James Cage

Видео Taxes for Musicians (Updated 2020) | Chris DeVito канала Yardbird Entertainment