How do you guys handle taxes?

[Plank_Spanker]

I got spanked this year - paid taxes on every gig the band played.

How do you guys work out spreading out the taxes?

 

[t_ross33]

Are you claiming gig dough as revenue? I guess it's gotta be done if it's your main source of income, or if you are being paid scale as a professional...

We're way underground and below the radar, plus we only deal in cash :AOK: The Man get's it out of me in beer revenue, lottery tickets and smokes anyway :thwap:

 

[marnold]

For the purposes of social security, I'm considered self-employed (don't ask--the IRS rules there are convoluted) so I file estimated payments quarterly. It's easy for me since my income is predictable. It's a little harder for you, but you can use previous year's taxes as a guideline.

 

[Plank_Spanker]

The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :thwap:

 

[oldguy]

The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :thwap:

Plank, they did that here in the Midwest 20 yrs. ago when times got tough.
I played in bars another year, then quit when I was pretty much playing for free after figuring in gas money driving to the gigs. A good accountant might help you figure mileage and equipment cost/depreciation, but I didn't have one at the time. Tax laws change every year, so if I were you I check into it.

 

[t_ross33]

The bars we play are cutting 1099's for all of the bands - they get to write it off, we get to pay the taxes. :thwap:

yep... that'd do it. Good excuse to keep buying gear, tho. "Really dear, I need to buy another guitar/amp/pedal for the deductions or the taxman is gonna really ding me!"