Season 2, Episode 1. How to Keep Better Records to Save Money!
What expenses should you track to keep your music career safe come tax season.
Welcome everybody to a new episode of the Rip’s Music Business Podcast: Where we Make Your Music Your Business. This marks episode 13 and is the first episode in Season 2 of the podcast.
In today’s show, we’ll talk about:
* the reasons behind our new format for the show
* what items to track for our finances and taxes
* and, the Musician’s Gig Keeper.
New Show Format
I’ve decided to switch things up for the next handful of podcast episodes. All previous episodes included interviews with professional musicians and artists. The interviews lasted between 40 minutes to over an hour in length.
My guests include:
* performing musicians
* producers and recording engineers
* and, other artists
Although, the episodes were jam packed with great information, it can be difficult to retain and act on the advice given by my guests.
Going forward, my goal is to supply actionable advice on specific topics related to your music career. The episodes will be shorter and easier to digest on the way to gigs and during down time.
* social media
* getting more gigs
* and, much more…
Disclaimer I am not a financial advisor. These comments are based on my personal experiences and opinions. You should ask a certified public accountant or lawyer regarding your specific concerns.
Here on my thoughts on What to track.
All income from gigs, merchandise sales, private lessons, consultations, royalties and commissions.
These are some general items you should keep receipts for and track in a spreadsheet or budgeting tool:
* website hosting
* studio space
Sub-Contractors (band members)
I have a weekly gig at Henry’s Majestic in Uptown Dallas. I like to rotate the other band members every week to give opportunity to my fellow working musicians and to improve my drumming by working with some of the best musicians in Dallas.
The venue would rather not write separate checks to all those people but instead, writes a check to me and I in turn, pay the people on the gig. I also, don’t want to pay taxes on all that. So, I gather W-9s from all the musicians who play with me in order to pass on the tax obligation at the end of the year.
For more information on the specifics of taxes visit www.artstaxinfo.com. They are a great resource for artists and their specific finance and tax issues.
Musician’s Gig Keeper Pro
In order for me to track all this data, I created a spreadsheet. I wanted to see what my income versus expenses were and how much I was paying out to other people, all in one space.
This also double as a scheduling calendar for all the various musicians I hired on specific gigs.
When I showed this to a few friends, they expressed great interest in using something like it. I then created a template and posted on the web. You can download a copy for yourself. And, it’s free when you sign up for my newsletter.
Just visit www.ripsmusic.com and grab your copy today. Future upgrades will be free and you’ll receive an email when they’re available. Choose from Numbers and Excel versions.
Do you have a method of tracking your finances that other musicians would find valuable? Please, leave a comment below. Or, share this with a friend on Facebook, Twitter, or LinkedIn.
That’s it for today’s show. Thanks for listening.