Bang for Your Buck: Tax Write Offs That Help Independent Artists and Musicians Save Money

Ah, yes. Tax Season! Everyone's favorite season next to the bitter chill of winter and tornado.

As an independent artist, band or musician, you shell out a lot of money. From studio time to PR to music distribution, there is no shortage of upfront costs. And then, there's tax season! Where you might just have to pay some money to the government, your state, or both, gross.

But did you know you can write off some of your costs? Now, we're no tax experts but, your music is your business. And businesses are entitled to write offs, so take these tips and tricks to your tax professional and see how much you have to write off.

1. Equipment & Gear

   1. Instruments

   2. Microphones

   3. Computers, hard drives, other music software

   4. Amplifiers, pedals, cables, etc.

      
      

2. Studio & Production Costs

   1. Studio rental fees

   2. Mixing, mastering, and other production costs

   3. DAW software (Pro Tools, Abelton, etc.)

   4. Session musician fees

3. Travel & Touring Expenses

   1. Gas, mileage (keep a log of business-related travel)

   2. Flights, trains, and bus tickets for gigs

   3. Hotel stays while touring

   4. Meals (partially deductible while traveling for work)

   5. Vehicle maintenance (if primarily used for music)
      

4. Marketing & Promotion

   1. Website hosting & domain fees

   2. Social media ads (Instagram, Facebook, TikTok, etc.)

   3. Photography, music videos, and press kits

   4. Album artwork & merchandise design

   5. Public relations and marketing services
      

5. Home Office & Rent

   1. Portion of rent if using a home studio

   2. Utilities (internet, electricity, etc.)

   3. Office supplies (printer, paper, pens)

   4. Furniture (desk, chair, soundproofing panels)

   
   

6. Education & Training

   1. Music lessons or vocal coaching

   2. Online courses (music production, business, marketing)

   3. Books on music business and songwriting
      

7. Other Professional Services

   1. Lawyer fees (for contracts, copyrights, etc.)

   2. Accountant or tax preparation fees

   3. Manager or booking agent fees

   
   

8. Licensing & Memberships

   1. PRO memberships (ASCAP, BMI, SESAC)

   2. Song licensing fees

   3. Union dues (if applicable)

   
   

9. Insurance & Miscellaneous

   1. Instrument insurance

   2. Business liability insurance

   3. Repairs and maintenance for instruments

LONG STORY SHORT:

Make the most of tax season while staying compliant! Make sure to keep good records, save receipts, and track expenses throughout the year to maximize deductions and avoid any issues with the IRS.

Pro Tip: Hire a tax professional who is well-versed in the music industry!