Runboard.com
You're welcome.
Community logo






runboard.com       Sign up (learn about it) | Sign in (lost password?)

 
gtrman1976 Profile
Live feed
Blog
Friends
Miscellaneous info

Registered user

Registered: 08-2003
Posts: 2
Karma: 0 (+0/-0)
Reply | Quote
TAXES,TAXES,TAXES!!!???!!!


 emoticon

Ok, I need help with this one. I teach at a music store, and they don't take taxes out. We get paid directly from the students and have to keep track of everything. How do I do my Taxes? Any advice would be much appreciated. Thanks
Brandon Crow
Silver Lake Wisconsin
8/22/2003, 6:47 am Link to this post Send Email to gtrman1976   Send PM to gtrman1976
 
NickMinnion Profile
Live feed
Blog
Friends
Miscellaneous info

Head Administrator

Registered: 07-2003
Posts: 110
Karma: 5 (+5/-0)
Reply | Quote
posticon Re: TAXES,TAXES,TAXES!!!???!!!


First rule is keep a record of your income and any expenses you can possibly relate to your work (cost of transport, guitar strings, photocopying teaching materials etc..).

Next step is to talk to an appropriate professional who has knowledge of the particular legal requirements extant in your part of the world. In the UK most accountants who specialise in helping small businesses are prepared to offer start-up advice free of charge, but I don't know if that is the case where you live.

You might also consider seeing if there is a website for your local tax office which may offer free confidential advice.

Hope that helps,

Nick
8/24/2003, 9:45 pm Link to this post Send Email to NickMinnion   Send PM to NickMinnion
 
philathome Profile
Live feed
Blog
Friends
Miscellaneous info

Registered user

Registered: 11-2003
Posts: 2
Karma: 0 (+0/-0)
Reply | Quote
Re: TAXES,TAXES,TAXES!!!???!!!


If I travel to my students what do I do about my car insurance? Do I have to insure it as class one business use? I can't think of a way round this one and it really bumps up the premium.
11/21/2003, 12:32 am Link to this post Send Email to philathome   Send PM to philathome
 
TriniSteve Profile
Live feed
Blog
Friends
Miscellaneous info

Registered user

Registered: 10-2004
Posts: 6
Karma: 0 (+0/-0)
Reply | Quote
Re: TAXES,TAXES,TAXES!!!???!!!


save your reciepts for strings and everything. I pay a monthly rent to the store where and those reciepts are critical to guage how much I get to write off and how much I made teaching as it varies according to how many students I have.
10/13/2004, 9:51 pm Link to this post Send Email to TriniSteve   Send PM to TriniSteve
 
MikePhilippov Profile
Live feed
Blog
Friends
Miscellaneous info

Registered user

Registered: 11-2007
Posts: 26
Karma: 2 (+2/-0)
Reply | Quote
Re: TAXES,TAXES,TAXES!!!???!!!


Hey Brandon,

If you are traveling to student's homes, don't forget that even the mileage on your car (and of course gas and maintenance too) is a potential tax write off. Keep track of how many miles you travel to and from the student's house. Contact a CPA who specializes in doing taxes for self-employed professionals.

Good advice from everybody else as well...

Take care,
Mike Philippov

---
-Mike Philippov
http://www.mikephilippov.com
http://www.thenextstepguitar.com
11/30/2007, 7:27 am Link to this post Send Email to MikePhilippov   Send PM to MikePhilippov
 
tjsmith Profile
Live feed
Blog
Friends
Miscellaneous info

Registered user

Registered: 03-2008
Posts: 1
Karma: 0 (+0/-0)
Reply | Quote
Re: TAXES,TAXES,TAXES!!!???!!!


  Don't forget that mileage to and from the teaching location is allowed. If you teach at home you can deduct the portion of that room verses the size of the house. ex. 125 s.f. of a 1250 s.f. home is 10%. So take 10% of your mortgage payment off the taxes. Only if you are buying your home.

  Any teaching material you buy. Including that dvd for yourself to learn "Little Wing".

  Any lunch you take with a student or employee of the music store.

  If you use a computer to keep track of students or print off material, it might be deductable if purchased in '07. Also any office equipment, scanner, printer, cell phone bill, etc. Bring all this up to the tax preparer.

  The portion of the utilities for a home based teaching studio and squae footage.

  If you own recording gear, you can either deduct it all or depreciate it over a couple of years. Read the fine print to figure out.

  If you own a website, take the fees associated for maintainance, hosting, etc.

  Any local newspaper ads.

  Do you play at Church? Either free or paid. Deduct mileage and if free gratis, see how much you can use as a Charitable Donation and get the Pastor to give you a tax deduction receipt.

  Keep everything! Go to H & R Block and let them help you!

   

  

    

Last edited by tjsmith, 3/29/2008, 6:16 am
3/29/2008, 6:10 am Link to this post Send Email to tjsmith   Send PM to tjsmith
 


Add a reply





You are not logged in (login)