The support is quick and responsive and is always helpful with solving problems. Growth Group works with sole proprietors, partnerships, limited liability companies (LLC) and corporations. Donations to individual artists or projects are generally not tax-deductible for the donors unless made through a registered non-profit organization. Grants are generally considered taxable income unless they are explicitly classified as non-taxable by law.

• Therefore, Growth Group can assist any musician, photographer, designer, contractor, MLM or IBO, consultant,, self-employed, or home based business owner to make a profit and reduce taxes at an affordable price.
• It offers features such as tracking expenses and income, managing invoices, budgeting and forecasting, and connecting with payroll services to help streamline the financial side of their business.
• Expenses for music lessons, coaching, and workshops are usually deductible as well.
• Whether you’re a seasoned musician, an emerging artist, or run a record label, understanding tax obligations and opportunities is essential.
• It is aimed at businesses of all sizes and includes integrations with various other business tools.

Royalty Accounting

Making the move into working with music creators meant scheduling around day jobs (for those who weren’t full-time yet) and tour balance sheet dates. I work during the typical work week and put in the necessary hours to produce value for the people who have entrusted me with their finances. When working in the capacity of a Tour Accountant, job duties include creating an initial budget for the tour, verifying expenses, and ensuring collection of all income while on the road. With a catchy beat, you will surely take care of your business and have fun simultaneously. Are you looking for some tunes to add to your accounting playlist to help you get in the zone and power through tax season?

AMPSUITE MAKES RUNNING A RECORD LABEL SIMPLE.

What sets Iris apart is that it also manages the registration of your music. In fact, you can use this program to register for up to 60 different music platforms directly. This is not a small thing, because as many musicians know, writing for streaming services can be one of the most challenging aspects of using them. Atlanta-based Alexis Louis (fka Alexis Kimbrough) is the founder of Growth Group, a music-focused accounting firm that works with musicians, record labels, and recording studios. A musician herself, she has served as featured panelist at the International Music Conference, Driven Music Conference and as a panelist at the Xero Roadshow. Her academic background includes stints studying Accounting and Taxation at Howard and American Universities.

She works hard for the money – Donna Summer

Of course, if you want to save money using tax rules, deductions are your friend. To form an S-Corp, you need to be a domestic corporation with fewer than 100 shareholders and have one class of music industry accounting stock. You also need to only have allowable shareholders that include individuals, some trusts, and estates. Sole proprietorship LLCs, partnerships, and unincorporated individuals are ‌all taxed on the personal level. This means that an LLC’s owners must report the LLC’s income on their personal tax returns, even if the LLC files as a partnership.

• You also need to only have allowable shareholders that include individuals, some trusts, and estates.
• This also includes any fees for conferences or seminars that help enhance your music business knowledge and network.
• With our help, you can say goodbye to financial headaches and hello to peace of mind.
• He worked there for a few years, settling shows at Red Rocks Amphitheatre, the Pepsi Center and The Fillmore, as well as working on budgets and overseeing their financial statements.
• Invest in your success today by partnering with us for all your Music Accounting needs.

We provide litigation support for the music industry, including expert witness services, reviews of recoupable expenses, penny letters, tour budgets, depreciation schedules, and tax planning. Entertainment industry accountants can help you create profit and loss statements, cash flow analyses, and balance sheets. Accountants specializing in the entertainment industry can help you account for royalties and file your taxes to take into account the various factors that come into play for your music business. They can also advise you on the https://www.bookstime.com/articles/music-industry-accounting best entity structure for your entertainment business and apply interstate accounting tax laws to ensure that you aren’t paying double taxation. The firm does tax prep and planning for artists like The Who, the Arctic Monkeys, Lizzo, Billie Eilish, Leon Bridges, Maggie Rogers and many others, but tax prep is only the beginning of their services. In the past, the only royalties that musicians had to worry about came directly from sales or media plays.

However, you need to ensure that you only use the area for your music business to qualify for this deduction. The self-employment tax is 15.3% of income earned from your music business (it doesn’t includes income from other sources, such as investments). Anytime you make more than $400, musicians need to pay self-employment tax. If you are a business owner (not self-employed), you need to file your taxes, regardless of how much you make. His ideal job was at Bill Graham Presents, where Graham started his company as a concert promoter.

Imagine having complete clarity about your finances, knowing exactly where every dollar is coming from and where it’s going. Picture effortlessly capturing all your business expenses, without anything slipping through the cracks. And most importantly, imagine having a dedicated Music Accountant ready to assist you whenever you need them.

Lasting memories of Cambridge Judge

Keep a detailed record of all expenses incurred during your travel for music business purposes. Eddy bills itself as the ideal software for indie labels and offers users a fifteen-day free trial period, giving you a perfect chance to determine if the software is right for you. It comes with many features, including the ability to import your entire music catalog, track costs and manage the revenue from various programs. The best arts and entertainment accountants are creative-minded, personable, articulate, cool-headed, and communicate well with their artistic clients.