Archives for 6 Mar,2009

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Many thanks to Michelle for her recent helpful and readable post about tax deductions.  I can see by the comments that (no surprise) there’s some confusion as to how to interpret things.

I’ve personally found it a little confusing, even if I know what to deduct.  Which category of deduction do I put Music Teachers Helper in, for example?  See below.  What I’ve done here is to reproduce some examples from IRS publications for you.  The IRS even specifies some expenses that are suitable for musicians.

Consulting an accountant is usually a good idea because these are only examples and there may be specific situations that you will need clarification on.  My preference, instead of paying an accountant, has been for many years to use a good accounting software because it takes you through all the steps, asks all the questions, incorporates all the latest changes, and makes sure that you have everything right, and explains things if you’re not sure.  I’ve found that TurboTax has done a great job for me–here is a link to getting TurboTax if you’re interested.  It includes your state forms and efile as well. (It’s deductible, too, of course!)

Business deductions are relevant to musicians who use Schedule C on their taxes, which you need to do unless all your income is from wages on W2 forms.  The deductions below are broken into these categories:  Mileage, Home Office, Meals and Entertainment, Advertising, Supplies, Office, Dues & Fees.  Remember that you need receipts for everything, to back up your claims.

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We have been listening to your requests and working hard at adding the most popular ones. We’re excited to release these new features that we know you’ll love. All of these are now live and you can use them in your studio. Take a look!

  • Feature: 10 New Studio Website Themes! We’ve had a lot of requests for new themes featuring other instruments, and we have added ten more for you to choose from. We hope you enjoy them! To see the new themes, or change yours, visit Home -> My Studio Website -> Website Layout / Theme.
  • Feature: You can now sort photos on your photos page, and change the caption without deleting and re-uploading the photo!
  • Feature: Recurring Expenses! You can now create expenses that will automatically create themselves according to the time frame you set. For example, if you have a bill each month, you can set it to be created automatically, saving you on data entry time. (Note: On March 5, if you tried to update an existing event, it may not have updated properly – please check any events updated on this date to make sure they updated.) To use this feature, go to Billing -> My Expenses and Other Income.
  • Feature: Larger reconcile notes box! When reconciling events, many teachers said the box was too small. So we have now made it possible for you to expand the size of the box by dragging the bottom edge.
  • BugFix: When turning a single event into a repeating event, it would create a duplicate copy of the single event. This has been fixed.
  • BugFix: When saving an e-mail template, it will now warn you if you have an improper variable in your list. Improper variables were preventing some e-mails from being sent.
  • BugFix: When editing a group event to send reminders or lesson notes, the e-mails weren’t going to everyone in the group. Now they are.
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