How Many Producers File Taxes on FP for Beats Sold

[lilro]

Being young you just don't think of these things.

They don't teach important things like taxes in school. That's why the setup that's in place is so ****ed up. I didn't even know what a use tax was until about 2 weeks ago. You're supposed to pay taxes on stuff you buy online.

 

[Kendall143]

This is why I am against Obama... He trying to mess it up for any body doing business.


The earnings from an S-Corporation that pass through to its owners is still not subject to the Self-Employment Tax. This break may not last much longer since President Obama has mentioned that he would like to eliminate this break. The SE tax is 15.3 percent of the net earnings from self-employment, however, the earnings that passes through from an S-corporation is not considered self-employment income currently.

http://www.avvo.com/legal-guides/ugc/self-employment-tax-and-s-corporations


I wish more 'minority owned' business knew this. Instead of voting color.
Voting color is gonna have your ass jacked up at tax time.


---------- Post added at 12:56 PM ---------- Previous post was at 12:54 PM ----------

I reported 2 years loss (amended) last year against my 9-5 income, all studio equip, rent, etc. and got some bank back (DEF worth the $300 tax advisor fee). Now im full time and ill be claiming very little income, just enuff to keep the tax man off my ass.

Did you say you PAID 46k in taxes? If so nice.

YEP. Its a catch 22. The more money you report. The more they take away.
But, you get things like loans and other things to help your business..... when you are showing a profit.


So if you report a loss...nobody wants to mess with you ....cause you ain't making money.

 

[fataltone]

I recently filed an LLC and now I am wondering if I need to get a DBA for my producer name or if it is ok to just state the business name in my contracts with my clients? I'm still in school with a part time job and everything I do is self funded. I am trying to make this my career. Some one with knowledge on my situation help me out here. I have also registered with ASCAP as a songwriter and a publisher with my LLC.

HOLY LAMB MEDIA & ENTERTAINMENT | HOLY LAMB MEDIA & ENTERTAINMENT | THE WALKING ON WATER MEDIA/ENT COACH BLOG : FOUR STEPS TO MAKING YOUR COMPANY LEGAL

this should help you out a bunch sir


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[Kendall143]

I recently filed an LLC and now I am wondering if I need to get a DBA for my producer name or if it is ok to just state the business name in my contracts with my clients? I'm still in school with a part time job and everything I do is self funded. I am trying to make this my career. Some one with knowledge on my situation help me out here. I have also registered with ASCAP as a songwriter and a publisher with my LLC.

For all business documents you should put your company name and logo on it.
From what you just said you are have started off the right way.

The next thing to do is build your client resume up and diverse your production more to the areas of the music game.
Also start producing in other genres of music. You will be surprised to know how many people in local areas
are looking for producers to make there specific genre of music.

Diversification is the key to longevity in the music game .Production is bigger than just Hip-Hop beats.


Also, file your taxes right ,so that way you can start working with business credit to help your company as it grows.
I have done all these things ... I am speaking from experience.

 

[Neox]

Some of y'all might laugh but not until a year or so ago did I know I had to report royalties. I looked at that lease like o_0.

 

[Kendall143]

Some of y'all might laugh but not until a year or so ago did I know I had to report royalties. I looked at that lease like o_0.

As long as you know now.. that's all that matters.
Just stay on top of threads like these...they are gonna become gold to u in the future.
IF, you are serious about music as career.

 

[MrWonderful]

I file taxes on all tracks sold and donate 10% of the tracks profit too charity, so I get a tax credit. BAWSE.

 

[Kendall143]

I file taxes on all tracks sold and donate 10% of the tracks profit too charity, so I get a tax credit. BAWSE.

Bawse Indeed..keep up the good stuff

---------- Post added 09-23-2012 at 02:39 PM ---------- Previous post was 09-18-2012 at 05:22 PM ----------

I file taxes on all tracks sold and donate 10% of the tracks profit too charity, so I get a tax credit. BAWSE.

now tax credits are always cool.

---------- Post added 09-27-2012 at 05:48 PM ---------- Previous post was 09-23-2012 at 02:39 PM ----------

I file taxes on all tracks sold and donate 10% of the tracks profit too charity, so I get a tax credit. BAWSE.

Here's Charity. This is sad and messed up at the same time












---------- Post added 09-30-2012 at 06:51 AM ---------- Previous post was 09-27-2012 at 05:48 PM ----------

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