It’s almost spring and you know what that means…TAX PREPARATION TIME! This can be a very daunting time of year for most indie musicians; however, our good friends at SonicBids has written a great article to give you a helping hand
If April 15th isn’t already circled on your calendar, then the constant barrage of TurboTax and H&R Block advertisements will soon have you sweating about filing your taxes. Until software programmers come out with a package especially for us musicians, there are some basic things you’ll want to know – even if you hire a professional to help – to save yourself time and stress with tax prep.
As a self-employed musician, you need to know more about taxes than the average worker bee. You may be earning money from several different sources (solo gigs, session work, teaching, recording, songwriting, merchandise, etc.), so it’s important to know how to keep track of everything and which tax forms you’re required to file.
So gather your receipts and check stubs, and let’s talk about need-to-know tax info for you and your band.
One of the best ways to grow is to look at what’s worked for other indie musicians and adapt it to your own career. Here are 5 great strategies with real examples to get you going. A lot of musicians think they can’t start making strategies to move their career forward until they’re making money, until they take some business classes, or until they get a manager. The coolest thing about these strategies is that you can start using them TODAY.
1. Make a Plan from the Start
Making a great plan is one of the best ways to get to that music success you deserve. Not only do concrete goals give you something to aim for, they also help you decide what your first step should be.
Try to make your goals as specific as possible. Instead of saying “I want to be rich and famous,” try something specific like “I want to be able to be a full time musician with a yearly salary of at least $75,000 and be able to tour outside my home state.” Break down your lofty goal into smaller tasks like “gather contact information for local venues,” “contact 5 venues this week,” and “connect with another band to share a gig.” Suddenly finding a way to reach that goal becomes more manageable.
For over four years now, we’ve been somewhat mystified by the hatred from some musicians and labels towards streaming services like Spotify. The general complaint seems to be that “it doesn’t pay enough,” but “enough” is often at ridiculously high standards. I’ve now seen three separate analyses that show that, on a per listener-per play basis, Spotify pays more than any other source. The problem, it often seems, is one of expectations. Part of it is simply that musicians seem to forget that their labels take a giant chunk of their earnings, and that the payments that eventually trickle down to musicians are often months or years late. Also, those doing the complaining often seem unable to comprehend that these services take time to grow, and as they grow, the payouts get bigger and bigger. But the biggest mistake of all seems to be the idea that not having your music where your fans want it is somehow a good idea. We’ve pointed out repeatedly that making music disappear from where people are looking for it only harms the musicians.
Furthermore, as we’ve seen over and over again, as these services get bigger and start to catch on, artist are realizing all sorts of ways they can profit from them. Two recent examples are quite handy. First up, we have independent musician Ron Pope (music here), who has written a fantastic piece for the Huffington Post about just how wonderful Spotify has been for his career.