Indies, Are You Paying Your Taxes?

by Angela D. Green

(December 14, 2009) There are many artists who are so engrossed in the creative side of their business or trying to make a living, that they sometimes neglect the administrative side of their business. One important administrative job is paying taxes. As an independent artist you are running your own small business.

Artists produce their own product (music, compact discs, posters, t-shirts, etc.) for sale directly to consumers and contract their services as a performer, producer or recording artist to name a few. Even though you do not have an employer taking your taxes out for you, Uncle Sam still expects his share of the pie. It is important that you develop healthy practices now, in the beginning, before you start making the large sums of money. There is a reason why many artists are audited by the Internal Revenue Service. Some of them have been forced to sell their homes, personal belongings and achievement awards to pay delinquent taxes.

Find a good tax preparer who can help you stay on the right side of the law. As your business grows, you may need the services of a payroll company. Either professional will be a lot cheaper than a tax attorney.

The articles provided by Angela Green, Esq. are for informational purposes only, concerning general legal principles. You should consult your legal counsel for answers to specific legal questions.

Angela Green is an entertainment attorney in Memphis, Tennessee and part owner of Key II Entertainment, an artist management company. She is also founder and CEO of Positioned for Millions, a music publishing and registration service.

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About Airplay 360

AIRPLAY 360 is a monthly published digital magazine designed to inform, empower and motivate independent inspirational musical artists by offering a soundboard of information provided by artists, producers, label executives and other industry professionals.