From the course: Taxes and Accounting for Music
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Income
- Here's a look at the three major IRS forms that are used to report music income. Form 1099 MISC is issued by a company or induvidual to a self employed musician, who in the previous year, earned at least 600 dollars or to a musician who has earned at least 10 dollars in royalties. If you pay someone at least 600 dollars for services, you must prepare and send a 1099 MISC to that person by January 31st, and you must send a form 1096 and copies of the 1099 to the IRS before February 28th. There are software programs and online services that can assist you when preparing 1099s. You do not have to issue a 1099 MISC if you paid the individuals via credit card, gift card or PayPal, or if you are paying for services that were rendered by an LLC or corporation. Form 1065B/Schedule K-1 is completed by a partnership to report each partners share of the partnership's income, deductions, credits, etcetera. Most bands or partnerships use this form to report income and band expenses. The…
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