Can anyone go more in depth about tax breaks for freelancing musicians? I’ve heard that they get tax breaks for traveling or equipment needed for teaching lessons, but what about things such as individual instrument care/repairs?

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Posted by Shreya Sachdev (MONEY FORUMS: 4, Answers: 0)
Asked on May 8, 2016 8:14 pm
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If you are a freelance musician, you may deduct certain expenses from your self-employment income if they are incurred in order to earn that money. Travel expenses, if they are not reimbursed by whoever has hired you, may be deductible. Supplies and instrument repairs should be deductible, as well as your promotional expenses. If you are not in graduate school, you may even be able to deduct your lessons. You do this via Schedule C. Here is the IRS link with instructions for filling out the Schedule C.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: May 12, 2016 6:46 pm