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Tax Time... How much money to set aside?
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| DjWoody |
If you're a DJ or Producer in the US and you get 1099's, how much money do you set aside for Tax time?
What deductions do you make? |
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| Looney4Clooney |
| what occupation are you listed under. Never filed tax in the states but you need to fill out a 2106 pertaining to that income. Pretty sure you qualify as an entertainer, I think it even states the qualifications on the form. |
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| DjWoody |
I have my regular job as an Application Specialist, but I get taxes taken away from that.
Than, I have my gigs money. This is my first year I ever got a 1099. I haven't looked at them clearly to see what they listed me as. But I keep hearing 30%! Ouch! That's a lot!!!! I'm gonna be broke for the rest of the summer! haha
:confused: |
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| Looney4Clooney |
| again this is just off the top of my head but if you made less than 100 000 from the 1099, it is around 15 % on your taxable income which means you can deduct till the cows come home. Music, gas, needles, laptop, cocaine.... |
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| DjWoody |
| I made $10,000 off my DJ gigs that I got 1099'd. hahaha I was thinking I would pay around $1000, but I keep hearing 30%, that's $3,000!!! OUCH! |
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| Looney4Clooney |
it isn't 30%. Worst case scenario, 15% but you have to be a little creative with your deductions. Gas, car, music, equipment .......
It is a small amount and as long as you have sufficient receipts, they aren't going to waste their time. Quite strange for a club not to pay in cash. Every club i've ever worked for had some ties with the mob and everyone always got paid in cash. |
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| DjWoody |
| Ha! I hear you. But there's been a few clubs that paid me with checks, but most are cash. I think we got audited last year, and ever since then we've gone legit. It's all done by check now. |
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| Zombie0729 |
So 1099's typically get filed under Schd C income, the nice thing about Schd C is there are A MILLION different kind of write offs, from beatport purchases to hotels, to driving to the gigs (.55cents per mile!), to "home office" which is your DJ "office", to laptops, USB sticks, DJ bags, headphones, you get where i'm going with this?
I have 11 1099's this year, ( me!) but i spend SO much in the studio on synths, software, upgrades, travel, you name it I probably have a wash. Spend time with your bank statements, look over your purchases and figure out what you really "owe", it's probably not a lot |
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| Looney4Clooney |
| i have never ever done my own taxes. THey get done somehow. Before it was my dad now my manager guy has a guy. I always make sure I have 0 assets and keep all my money under my bed. |
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| BECK |
| find all (ALL!) your reciepts for 2010 and hire a guy. he will use 1 hour. |
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| Storyteller |
| Unfortunately it's round 40% tax in holland on net. income (after deductions) :(. |
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| LoveHate |
| i make 0 from this...so how much will i be losing? |
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