Music Money Mentor Podcast
By Music Money Mentor
Music Money Mentor PodcastFeb 25, 2020
008: What the IRS Really Expects from the Music Industry
The IRS is kinda scary, but if you know what to expect, you'll have nothing to fear....right?
They think people in the music industry are somewhat aggressive or abusive when deducting expenses that aren't actually directly to their music business.
Their goal is to bring your deductions back in line with their rules.
So, in this episode of the Music Money Mentor podcast:
- ️🕵️♂️Discover what the IRS really expects to see on your music business tax return.d
- Uncover the 4️⃣types of income the IRS agents are starving to add to your return.
- 😴Tired of thinking your music is just a hobby? We reveal the exact test that is used to decide if you're active enough to be called a "real" business owner.
🚨Most musicians assume that they are waving a red flag at the IRS when they do certain things, but very few know what to expect.
After listening to this episode of the Music Money Mentor podcast, you won't be one of them.
007: No Dough, But You Owe?: What to do if you owe tax but don't have the money to pay!
Tax season is officially here and you may be wondering what happens if I OWE money this year instead of getting a refund? Not only that, but you may also be wondering what to do if you have a tax balance but you don’t have enough cash saved to pay it!
In this week's episode of the Music Money Mentor podcast you'll:
- Know what to do if you owe taxes to the IRS, so you can avoid high penalties, levies on your salary or bank accounts, or liens on your property.
- Get access to the actual telephone script that we use at Growth Group to get thousands of dollars in penalties waived for our music clients so you know exactly what to say when speaking to an IRS agent.
- Learn the little known financial hack most musicians are completely unaware of when it comes to having enough cash to pay your taxes every year, even if you don’t think you’re good with saving money.
Want the free financial resources made specifically for music creators? Get the FREE Tax Penalty Guide directly in our app here.
006: Why Musicians Overpay Their Taxes Every Year
Every year, musicians all over the US overpay their taxes! That sucks. So, in this episode, Alexis Louis explains why music producers, songwriters, artists and others in the music industry pay too much in tax to the IRS and ways to avoid losing your hard-earned money. If you've always wanted to know why you're paying SO much in taxes every year - here it is!
In this week’s episode of Music Money Mentor, you'll hear:
- Discover the four biggest mistakes music business owners make and avoid the traps that cause higher tax bills
- Learn the one thing that will lower your taxes and keep you out of audit trouble
- Access the 9 part test the IRS uses to decide if you’re a serious music business owner or not
- Understand the way you should be paying taxes, that every musician MUST know
Looking for more tax deductions? Get our checklist of 100 tax deductions specifically created for the music industry: 100.growthgroup.com
Loved this episode and want to hear more? Check out our other episodes directly in our app here.
005: Paying Your People
In this episode, we talk all about paying your people. Every music business owner pays for help whether that's for mixing and mastering services or attorneys. Well, when you're paying your people, you also have to deal with the IRS. Alexis Louis, founder of Growth Group tells all:
- How to pay yourself, including how much you should be earning
- How to pay your people and get all of the information you need beforehand
- What forms you need to file with the IRS plus when you need to file them to stay out of trouble
Download our app HERE to listen to more episodes.
004: How Your Music Business Can Deduct Almost Anything | Session at MTNA Conference
During the Music Teachers National Association conference in 2018, I took the time to breakdown what the IRS requires for you to write off something and how you can achieve that in the easiest way possible... Hopefully, you can extract a TON of value from this!
003: How Chelsey Green Quit Her Job to #JustDoMusic
Learn the steps to quitting your day job to #JustDoMusic, join the 5-part video series at: http://jdm.musicmoneymentor.com Interview by Music Money Mentor Alexis Louis.
002: Music Career Opportunities
Interview with CK Barlow by Alexis Louis Learn the steps to take to quit your day job and JustDoMusic at: http://growthgroup.com/quit
001: How to Get Maximum Exposure From A Free Gig
If a bar or venue owner has ever said to you, “This will give you great exposure and will get your music out there, plus it’ll introduce you to a new audience.”
Frankly, if you’ve ever encountered not getting paid for performing LIVE, this podcast is for you.
For more information visit: growthgroup.com/maximum-exposure