From the course: Taxes and Accounting for Music

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Navigating the tax return

Navigating the tax return

From the course: Taxes and Accounting for Music

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Navigating the tax return

- Here's a brief explanation of the tax forms you may need to complete. This material may get a little dry, but try to hang in there. We're almost done. Form 1040, U.S. Individual Income Tax Return. If you have any self-employed music income, or if you are an employed musician claiming itemized deductions for employee expenses, you would use Form 1040, known as the long form. You will attach one or more of the following forms to your Form 1040 when filing. Schedule A, Itemized Deductions. Schedule A is used to figure certain personal itemized deductions. Among other things, it is used by an employee to deduct unreimbursed job-related expenses. Schedule C, Profit or Loss From Business, Sole Proprietorship. Self-employed musicians acting as a sole proprietorship must file a Schedule C or you can use Schedule C-EZ if your music expenses are not greater than five thousand dollars, you have a net profit, you have no employees, you have no inventory and you are not using depreciation or…

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