It’s officially Tax Season! What, you aren’t excited? As of January 24^th, the IRS has begun accepting tax returns, which means that everyone can begin filing their taxes. As a musician, there a few additional things you should be aware of that you may have otherwise overlooked. But don’t worry because we’ve rounded them all up for you!

To start, know that all independent contractors and those that work for themselves (i.e., musicians and content creators) will file differently depending on whether they are a sole proprietor (solo musician) or in a “partnership” (part of a band). Let’s break it down:

• Solo Musicians: You will need to file a Form 1040 plus Schedule C or C-EZ. You may also need to file Schedule SE to pay taxes for social security and Medicare.
• Bands: If you are part of a band that splits all expenses and earnings, you’ll need to file tax forms as a group (Form 1065 and Schedule K-1) and individually (Form 1040 accompanied by Schedule E and Schedule SE).

If you are self-employed and provide service to another business, you will soon, if not already, receive a 1099 form for upcoming tax filings from that business. These forms are necessary in order for you to complete your tax return so make sure to be on the lookout for them!

To make tax season easier for musicians, the IRS recommends creating a separate business-only account to accurately track various business income and expenses. You can event take it one step further and use a separate credit/debit card solely for business expenses. The IRS also recommends keep all business transaction receipts, organized by month, for at least three years.

Key Dates & Deadlines

• January 24: Tax season kicks off and the IRS begins accepting tax return filings.
• January 31: 1099 forms are delivered. If you receive your forms digitally, you should have them by January 31. If you receive them via mail, they may arrive a few days/weeks after that date. Definitely keep an eye out!
• April 18: This is the last day to file your taxes. If you file online, this is the last day to get everything in whereas if you file by mail, as long as it is postmarked by April 18, it is considered on time.
  • April 18^th is also the last day to file for an extension using Tax Form 4868. If granted, this will allot you 6 more months to file your taxes (please note that this extension does not apply to paying any taxes that you owe).
• October 18: Final deadline to file your taxes if you filed for an extension.

Hopefully this sheds some light on what is due when during Tax Season. PickleJar always strives to put the artists first, including helping to take the confusion and intimation out of tax season!