Dance Music Business Resource

Taxes

USA

I'll see how much I can expand this page without taking on too major a task. US Tax law is
designed to victimize the uninformed and the uneducated. Yes, some of these labels
are in some aspects black market economy. You can, however, save all receipts and
write off all expenditures, possibly even against earnings at your day job if you have
one. You must then claim all earnings, but if you are like me and spend most of your
income on music related crap, you totally deserve to write this stuff off. Your earnings
will probably be mostly deducted anyway. Why not get a real life anyway ?

If you are spending a lot of money, get a tax accountant, it will pay for itself. Do your taxes online. Tax law is
designed to be indecipherable to normal humans, tax accountants have cool computer
programs. Professional tax accountants will only cost you about 100$ and will save you
hundreds and hundreds of dollars. You have no idea how many weird tricks there are in
tax law. And then when the IRS drags your ass in, you have a professional to back you
up.

Labels

Dealings with distributors and artists should always be treated legally in all respects. If
you are a musician spending lots of money buying and selling equipment, you can and
should write this stuff off. Save all receipts. Get a shoe box and a bunch of envelopes.
Each month put the receipts in an envelope and seal it.

DJs

If you are a dj buying lots of vinyl, you can write all this stuff off. You will have to claim
your earnings. This is easy if you are in clubs, raves are pretty black market, but that
might change. If you are driving to gigs all the time, you can write all the mileage and
food off, if you can stand the bookkeeping. I can't.

Record Stores

See((Running a Record Store%