When it comes to taking your passion project seriously and moving things to the next level, then its time to start treating your hobby like a business - particularly when it comes to tax write-offs. Here we look at how formalizing your musical pursuits can save you money in the long run.
In this new post to MusicThinkTank, Jeff Mowery looks at how artists can earn back some of their production costs by treating their music the way a business would.
"For full time and committed part-time musicians, the first mistake comes in not having a business structure to hold the value brought in by way various capital via equipment and expertise. The tax structure for taking these large purchases on is better suited as a business expense in which you can legally deduct during tax time. This is only the beginnging. Travel taken to various shows are rarely written off!"