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35. Tax Tips for the Working Musician with Farrell Parker (PART 2)
Welcome to Musicians Tip Jar where we talk about musicians and money, where the only thing better than one of Ed Sheeran’s solid loop grooves is a legal tax loophole. I’m your host Chris Webb joined by my co-host and the solid groove around here that never depreciates, Dave Tamkin.
Quote:
“You want to deduct what!?” -most musician’s accountants
Episode mission/Overview:
Not many people love doing taxes but we are lucky to have an artist that does as we finish our conversation with Actor and Accountant, Farrell Parker. Today we focus on understanding 1099’s as well as a great trick to know how much to save for taxes each month
Girls Rock DC
We foster a supportive, inclusive, and equitable space that centers girls and non-binary youth, especially Black and Brown youth. Girls Rock! DC bolsters leadership, self-expression, and a passion for social change through creative collaboration and community power-building. Every year, Girls Rock! DC serves more than 100 youths and 20 adults through our after-school programs, camps, and workshops. Our participants go on to be more engaged learners, more thoughtful artists, and more confident community leaders. Learn more at: https://girlsrockdc.org/
**make sure you rate, subscribe to this podcast, leave us a comment and go to our website to check out all the resources and discounts we have collected to help you. while you are there, sign up for our free weekly newsletter where we connect you to other related articles and keep you up on the finance side of your music business.**
If you are a working professional musician (or plan to be), the first step to taxes is getting a handle on your books. So much of the core focus here at Musicians Tip Jar is to reduce the stresses of money so that we have more headspace to be free to create. As we often say around here, you have to treat music as a business, and that means you must document your income. So gather all those 1099s out of your junk box and the scrap paper turned expense notes. We hope you get as much out of this as we did!
Action:
Get out your last years taxes and calculate your actual tax percentage. Using that number you can then make the best decision for what to save each month this year and enter that in your MTJ Forcasting tool. Boom! You probably just got a raise…
** We know how valuable your time is, we appreciate you for spending this time with us and being a part of this community. It is our hope that you feel that sense of community here at musicians Tip Jar and help us spread the word to make us stronger together.
why’s to connect with us:
MusiciansTipJar.com
Check out:
www.artisttaxprep.com
www.farrellparker.com
instagram.com/localasfarrell
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
https://www.musicianstipjar.com/
Become a supporter of this podcast: https://www.spreaker.com/podcast/musicians-tip-jar--4698023/support.
Visit MusiciansTipJar.com for more resources and tools to empower your financial journey.
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
Quote:
“You want to deduct what!?” -most musician’s accountants
Episode mission/Overview:
Not many people love doing taxes but we are lucky to have an artist that does as we finish our conversation with Actor and Accountant, Farrell Parker. Today we focus on understanding 1099’s as well as a great trick to know how much to save for taxes each month
Girls Rock DC
We foster a supportive, inclusive, and equitable space that centers girls and non-binary youth, especially Black and Brown youth. Girls Rock! DC bolsters leadership, self-expression, and a passion for social change through creative collaboration and community power-building. Every year, Girls Rock! DC serves more than 100 youths and 20 adults through our after-school programs, camps, and workshops. Our participants go on to be more engaged learners, more thoughtful artists, and more confident community leaders. Learn more at: https://girlsrockdc.org/
**make sure you rate, subscribe to this podcast, leave us a comment and go to our website to check out all the resources and discounts we have collected to help you. while you are there, sign up for our free weekly newsletter where we connect you to other related articles and keep you up on the finance side of your music business.**
If you are a working professional musician (or plan to be), the first step to taxes is getting a handle on your books. So much of the core focus here at Musicians Tip Jar is to reduce the stresses of money so that we have more headspace to be free to create. As we often say around here, you have to treat music as a business, and that means you must document your income. So gather all those 1099s out of your junk box and the scrap paper turned expense notes. We hope you get as much out of this as we did!
Action:
Get out your last years taxes and calculate your actual tax percentage. Using that number you can then make the best decision for what to save each month this year and enter that in your MTJ Forcasting tool. Boom! You probably just got a raise…
** We know how valuable your time is, we appreciate you for spending this time with us and being a part of this community. It is our hope that you feel that sense of community here at musicians Tip Jar and help us spread the word to make us stronger together.
why’s to connect with us:
MusiciansTipJar.com
Check out:
www.artisttaxprep.com
www.farrellparker.com
instagram.com/localasfarrell
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
https://www.musicianstipjar.com/
Become a supporter of this podcast: https://www.spreaker.com/podcast/musicians-tip-jar--4698023/support.
Visit MusiciansTipJar.com for more resources and tools to empower your financial journey.
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
View all episodes
By Chris Webb & Dave Tamkin
5
1111 ratings
Welcome to Musicians Tip Jar where we talk about musicians and money, where the only thing better than one of Ed Sheeran’s solid loop grooves is a legal tax loophole. I’m your host Chris Webb joined by my co-host and the solid groove around here that never depreciates, Dave Tamkin.
Quote:
“You want to deduct what!?” -most musician’s accountants
Episode mission/Overview:
Not many people love doing taxes but we are lucky to have an artist that does as we finish our conversation with Actor and Accountant, Farrell Parker. Today we focus on understanding 1099’s as well as a great trick to know how much to save for taxes each month
Girls Rock DC
We foster a supportive, inclusive, and equitable space that centers girls and non-binary youth, especially Black and Brown youth. Girls Rock! DC bolsters leadership, self-expression, and a passion for social change through creative collaboration and community power-building. Every year, Girls Rock! DC serves more than 100 youths and 20 adults through our after-school programs, camps, and workshops. Our participants go on to be more engaged learners, more thoughtful artists, and more confident community leaders. Learn more at: https://girlsrockdc.org/
**make sure you rate, subscribe to this podcast, leave us a comment and go to our website to check out all the resources and discounts we have collected to help you. while you are there, sign up for our free weekly newsletter where we connect you to other related articles and keep you up on the finance side of your music business.**
If you are a working professional musician (or plan to be), the first step to taxes is getting a handle on your books. So much of the core focus here at Musicians Tip Jar is to reduce the stresses of money so that we have more headspace to be free to create. As we often say around here, you have to treat music as a business, and that means you must document your income. So gather all those 1099s out of your junk box and the scrap paper turned expense notes. We hope you get as much out of this as we did!
Action:
Get out your last years taxes and calculate your actual tax percentage. Using that number you can then make the best decision for what to save each month this year and enter that in your MTJ Forcasting tool. Boom! You probably just got a raise…
** We know how valuable your time is, we appreciate you for spending this time with us and being a part of this community. It is our hope that you feel that sense of community here at musicians Tip Jar and help us spread the word to make us stronger together.
why’s to connect with us:
MusiciansTipJar.com
Check out:
www.artisttaxprep.com
www.farrellparker.com
instagram.com/localasfarrell
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
https://www.musicianstipjar.com/
Become a supporter of this podcast: https://www.spreaker.com/podcast/musicians-tip-jar--4698023/support.
Visit MusiciansTipJar.com for more resources and tools to empower your financial journey.
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
Quote:
“You want to deduct what!?” -most musician’s accountants
Episode mission/Overview:
Not many people love doing taxes but we are lucky to have an artist that does as we finish our conversation with Actor and Accountant, Farrell Parker. Today we focus on understanding 1099’s as well as a great trick to know how much to save for taxes each month
Girls Rock DC
We foster a supportive, inclusive, and equitable space that centers girls and non-binary youth, especially Black and Brown youth. Girls Rock! DC bolsters leadership, self-expression, and a passion for social change through creative collaboration and community power-building. Every year, Girls Rock! DC serves more than 100 youths and 20 adults through our after-school programs, camps, and workshops. Our participants go on to be more engaged learners, more thoughtful artists, and more confident community leaders. Learn more at: https://girlsrockdc.org/
**make sure you rate, subscribe to this podcast, leave us a comment and go to our website to check out all the resources and discounts we have collected to help you. while you are there, sign up for our free weekly newsletter where we connect you to other related articles and keep you up on the finance side of your music business.**
If you are a working professional musician (or plan to be), the first step to taxes is getting a handle on your books. So much of the core focus here at Musicians Tip Jar is to reduce the stresses of money so that we have more headspace to be free to create. As we often say around here, you have to treat music as a business, and that means you must document your income. So gather all those 1099s out of your junk box and the scrap paper turned expense notes. We hope you get as much out of this as we did!
Action:
Get out your last years taxes and calculate your actual tax percentage. Using that number you can then make the best decision for what to save each month this year and enter that in your MTJ Forcasting tool. Boom! You probably just got a raise…
** We know how valuable your time is, we appreciate you for spending this time with us and being a part of this community. It is our hope that you feel that sense of community here at musicians Tip Jar and help us spread the word to make us stronger together.
why’s to connect with us:
MusiciansTipJar.com
Check out:
www.artisttaxprep.com
www.farrellparker.com
instagram.com/localasfarrell
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/
https://www.musicianstipjar.com/
Become a supporter of this podcast: https://www.spreaker.com/podcast/musicians-tip-jar--4698023/support.
Visit MusiciansTipJar.com for more resources and tools to empower your financial journey.
Intro & Outro Music Donated by: The Magi https://www.themagimusic.com
Intro Read by: David “DJ” Lee of The Magi
https://soundcloud.com/rockababyrock
Pictures by: Kit Chalberg https://kitchalberg.com/