Production Quick Tip of the Week #13
Tax season is upon us & as beat makers, producers, engineers, sound designers, artists, & musicians we are our brand & business. When you start to generate enough income, the government will want their cut & trust me; they like to take a nice cut of cash you got flowing in. That's why writing off things can help so much! In short, write-offs will lower what you owe each quarter.
There are so many things you're able to write off, so write off as many items as you can think of that could relate to your business.
- There are the apparent write-offs such as gear, plugins, sound kits, etc., but you can also write off things like Apple Music, Spotify, Tidal can be a write off because you're doing "research."
- Social media ads.
- Part of your internet & electric bill can be a write off because you need it to run your business.
- If you go out to eat, you can write off half of it & claim it as a "business meeting."
- Outfits can be written off & claimed the clothes you needed for your promotional videos or appearances.
- Another great one that gets overlooked is if you gave away some free beats or services to someone. You can claim it as your marketing budget & that you gave away the products to an influencer that could reach more clients for you!
Have a productive week, Be Different. Be Dope.
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