“If you don’t pay your taxes than you’re not a patriot to your country!”
I apologize, but that’s a bunch of cat doodoo!
Why would you want to pay into a system (American government) that literally jacks money from your pay check before you even see a single penny? Did you know that was implemented in the year 1943 called the Current Tax Payment Act. The government figured out a way to take your hard earned money from you and you have no choice as an employee.
Your taxes funded ungodly wars and trillions of debt. The United States is over 18 trillion in debt, which is where all your money is going into. Check out this debt clock here. http://www.usdebtclock.org/
If you’re a reader living in another country I would assume it’s a bit different.
Back in 2012 when Mitt Romney was running for president, people were attacking him because he made 13.7 million in 2011 and was paying less than 14% in taxes and Obama made $789,674 and payed over 20% in taxes. Read more here.
Romney is an entrepreneur and provides opportunities and jobs for thousands of Americans. As an entrepreneur the American government loves it when you provide job opportunities for Americans.
This creates a more stable economy and in turn gives the entrepreneur many tax benefits.
Here is one fact:
The tax code wasn’t written for employees, but for entrepreneurs like, Mitt Romney, Richard Branson, Robert Kiyosaki, Warren Buffet and Bill Gates.
You can complain all you want, but that’s how it works in the states. As long as you understand the difference. Which do you choose? Entrepreneurship or Employment? It’s your choice.
Before I get into how to almost pay zero in taxes. I would like to add that I’m not CPA or tax account. This is purely for educational purposes only and should not take what is taught as 100% fact. Do your own research.
I have been an independent contractor and entrepreneur for over ten years. The first half of those years I didn’t know how it worked. I soon wised up and took business classes, read literally over 100 business books and the vail that was blinding me was soon uncovered.
As a self-employed musician, singer, producer, etc you can write-off many items you purchase just as long as they are related to your profession.
Here’s 40 tips that you may know or not. This usually applies to the musicians working in the United States. Those who live abroad in another country it may differ.
40 Tips to Almost Paying Zero Taxes for Musicians
- Agency/management fees
- Books, magazines, music
- Business gifts
- Business insurance
- Business meals and entertainment
- Cabs, subways, buses/automobiles
- Copying, printing
- Cultural events
- Equipment and software
- Film & processing
- Home office: rent, gas & electric, insurance
- Instrument and equipment repair
- Instrument purchases
- Memberships (museums, professional organizations)
- Messengers, private mail carriers, postage
- Music library: cd’s, dvds, videos, records, tapes
- Concert tickets
- Music Education
- Music supplies
- Musician fees
- Office supplies
- Studio/rehearsal space rent
- Tax preparation/legal fees
- Automobile expense
- Business cards
- Professional Photos
- Website development and hosting
- Dues – Union and Professional
- Music Publications
- Parking fees
- Speaker systems
- Cellular phone
- Sheet Music
- Copyright and registration fees
With all those tax write offs I literally can cut my tax bill in half. When you have a business that helps and serve others needs than the American tax code shines down on you. Because it was written for you, the music entrepreneur.
I would suggest you set up an appointment with your local tax accountant and ask tons of questions. I also do suggest that you choose the right tax accountant. Some will have an employee mentality and not an entrepreneurial one. Be careful and choose wisely my young Padawan.
We have come to the end of another informative post. Thanks for reading along and ask me some questions below. Also don’t forget to share these tips to your favorite social media outlet.