Our mini music business doesn't generate enough income to warrant a separate business.

But when it comes to tax time, I wonder if I shouldn't be running this as a business, taking depreciation etc.

What are you doing re: taxes?

Legally, you have to declare ANY income over $600.00, and pay Federal, State and local taxes, plus both your and the employers share of Social Security

You can also deduct lots of stuff, like mileage, office in the home, equipment, marketing, maintenance, etc.

Many times, it's a wash, tax-wise.


Russ

Listen to Captain Russ - hes a wise man. Music is a business and should be treated as such. Keep good records, document everything, and those deductions can go a long way in alleviating your tax burden at the end of the year. Use Turbo-Tax, Quicken and Quick Books to make recording easy and accurate

Gary