From the course: Taxes and Accounting for Music
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How do you manage bookkeeping?
From the course: Taxes and Accounting for Music
How do you manage bookkeeping?
- The best way to track your financial records is the simplest, most foolproof method that works for you. For example, if your total music business earnings are less than $10,000 a year, and you're primarily earning money from performing and merchandise sales, you can probably avoid serious number crunching by using an Excel spreadsheet or a software program, such as Quicken, or the online program Mint. You can also use a paper notebook. If your music business is more complex, for example, you're grossing over $10,000 a year, or you've formed an LLC, you can purchase more sophisticated software, such as QuickBooks or consider hiring an accountant. By the way, accounting costs are tax-deductible. You can also get bookkeeping assistance from the IRS by reviewing Publication 583. One bookkeeping suggestion, if possible, maintain separate, personal, and music business bank accounts. If that's not possible, try to dedicate a credit card solely for music business use. What should you track?…
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