MODULE 7

2. Deductions

More Tax Tips:

  • Save EVERY receipt. Use your email or keep an envelope. I suggest keeping a folder, labeled with the date, in a safe place in your home. Keep an envelope in your car, and as soon as you make a purchase that might be business related, put the receipt away as soon as you get back to your car or home. Come up with a system that works for you so you can keep track of your purchases.

  • Think of every business expense you can. Deductions include all the purchases you make on your business as a singer. There are so many things you can potentially use as write-offs, so try and think of everything you can! I have included a list of expenses on page 20 of your workbook to get you started.

  • Write everything down and take it to your tax expert. I suggest using a tax professional to avoid audits. They will be able to help you save the most money.

Be Prepared

Create a folder to hold all of your receipts, and come up with a good system to keep track of your purchases. Find a tax professional if you don’t have one already, and make sure you’re paying quarterly taxes, unless you have taxes withheld from another source of income. And finally, scan page 20 of your workbook to make sure you’re not missing out on any deductions.