In this episode of "A Musician's Guide to Taxes," Rick Beato is joined by accountants Alan Friedman and Evan Kalish from Friedman, Kannenberg & Company to demystify the complexities of tax filing for musicians. They address common questions regarding allowable tax deductions, differentiate between taxable and non-taxable income, and discuss the benefits of forming an LLC or corporation. The accountants aim to make tax-related concerns more manageable and accessible for musicians, regardless of their expertise in financial matters.

Key Points:

• Explanation of tax deductions specific to musicians.
• Distinction between taxable and non-taxable income.
• Advantages of setting up an LLC or corporation for musicians.
• Addressing common misconceptions and “dumb” tax questions.
• Practical advice on best practices for tax filing in the music industry.
  Link to Article