Presumably you’ve chosen music because you love it and can’t imagine yourself doing anything else. But, on the off chance that you are in music for the money, you’ve chosen the wrong profession. Sure, there are certain celebrity artists who make big, big money, but there is no doubt that Read more
Let’s assume that anyone reading this knows that the sum total of all the money an individual earns is called the gross. It is reported by your employer to the Federal Government in the form of a wage and tax statement called a W-2, and a copy is sent to Read more
When a musician buys an instrument or equipment that has a useful life of longer than one year, he or she can depreciate it over the tax life of the item—usually seven years. This has the effect of spreading out the deduction over time. An alternate course would be to Read more
When I was a doctoral student, I was in a class that had an assignment that asked us to think into the future twenty years and forecast what the music profession would look like. I wish I still had that paper. It would be fun to see how far off Read more
You should have a price in mind for the particular service that is under discussion. Different types of gigs will have different pay rates that are either set by the musicians’ union or are the going rates of the area. Many jobs pay scale and that’s it. A traveling Broadway Read more
Some musicians feel that they must dumb-down their music in order to be “successful.” I once had a conversation with Maria Schneider in which she made an interesting observation: many musicians who are focused solely on making money underestimate their audiences. She commented that some musicians seem to think that Read more
A couple of years ago in talking with Maria Schneider, a Grammy winning composer, I discovered that she had an interesting take on the stereotypical starving artist. She theorizes that part of the reason record companies are able to make huge profits while the artists often make so little is Read more
If you have read my book, Lessons From a Street-Wise Professor, think back to Chapter 10: “Six Non-Linear Career Journeys.” These are stories of very successful entrepreneurial musicians. I chose to include them because they represent five different areas of the music business, but I had a secondary reason as Read more
Office in HomeIn our homes or apartments, musicians all have a room in which they practice or teach, but for that room to be considered a home office and deducted on our taxes, it must meet certain requirements established by the IRS. For example, that part of your home must Read more