Welcome to the Piano World Piano Forums
Over 2.5 million posts about pianos, digital pianos, and all types of keyboard instruments
Join the World's Largest Community of Piano Lovers (it's free)
It's Fun to Play the Piano ... Please Pass It On!

SEARCH
Piano Forums & Piano World
What's Hot!!
Hurricane Irma & Our Piano Friends!
--------------------
Posting Pictures on the Forums
-------------------
Forums RULES & HELP
-------------------
ADVERTISE on Piano World
(ad)
Virtual Sheet Music
Download Sheet Music Instantly
Virtual Sheet Music - Classical Sheet Music Downloads
Sheet Music...
(125ad)
Piano Life Saver - Dampp Chaser
Dampp Chaser Piano Life Saver
(ad)
Piano Buyer Guide
Piano Buyer Spring 2017
(ad)
4th Finger Enigma Resolved!
Schumann's 4th Finger Enigma Resolved!
Who's Online Now
90 registered members (Beacon Chris, 36251, alphonsus, Amirhsol, anamnesis, 26 invisible), 1,799 guests, and 2 spiders.
Key: Admin, Global Mod, Mod
(ad)
Estonia Pianos
Estonia Pianos
Quick Links to Useful Piano & Music Resources
Our Classified Ads
Find Piano Professionals-

*Piano Dealers - Piano Stores
*Piano Tuners
*Piano Teachers
*Piano Movers
*Piano Restorations
*Piano Manufacturers

Quick Links:
*Advertise On Piano World
*Free Piano Newsletter
*Online Piano Recitals
*Piano Recitals Index
*Piano & Music Accessories
*Live Piano Venues
*Music School Listings
* Buying a Piano
*Buying A Acoustic Piano
*Buying a Digital Piano
*Pianos for Sale
*Sell Your Piano
*How Old is My Piano?
*Directory/Site Map
*Virtual Piano
*Music Word Search
*Piano Videos
*Virtual Piano Chords & Scales
Previous Thread
Next Thread
Print Thread
#2047275 - 03/12/13 09:44 PM Starting out as your own "small business"  
Joined: Mar 2013
Posts: 2
Kosmom Offline
Junior Member
Kosmom  Offline
Junior Member

Joined: Mar 2013
Posts: 2
Hello, I'm new here : )
Have been teaching piano for many years, and playing for local schools/choruses, theatres, events, etc. for many years and didn't make a whole lot of extra income at it, so just reported it on taxes as miscellaneous. This past year I have made over the $400 limit so I need to report it differently. (Had I known I would end up taking on this many gigs, I would have begun this process last January ; ) So I need to become a "sole proprietorship" so I can pay my SE taxes quarterly and keep it separate from my full-time job income taxes. So where do I start? I have done a little research saying I need a tax ID # for my business, and need to register with county clerk and at state and federal level...but which comes first? Any advice would be appreciated!!

(ad)
Piano & Music Accessories
piano accessories music gifts tuning and moving equipment
#2047285 - 03/12/13 09:52 PM Re: Starting out as your own "small business" [Re: Kosmom]  
Joined: Apr 2009
Posts: 1,654
Barb860 Offline
1000 Post Club Member
Barb860  Offline
1000 Post Club Member

Joined: Apr 2009
Posts: 1,654
northern California
I recommend finding a good tax preparer/accountant/bookkeeper in your area to help you with this. For me it has been well worth it.


Piano Teacher
#2047309 - 03/12/13 10:27 PM Re: Starting out as your own "small business" [Re: Kosmom]  
Joined: Jan 2013
Posts: 42
RBMusik Offline
Full Member
RBMusik  Offline
Full Member

Joined: Jan 2013
Posts: 42
Philadelphia
You don't need to do any of that. forget the MISC form. Don't pay quarterly taxes. Don't register anything with anyone unless you're starting a serious business with assets. The IRS is extremely vague on delineating what constitutes a business versus a hobby. Just report the income on schedule c as business income. Use your own name and ssn. The 400 dollar number is merely the threshold where you will pay self employment income in addition to your "regular job". It's taxed at a lower rate.

Make sure you keep a good log(books) and deduct ALL of your expenses. Gas, equipment, music, computers, etc. if you can't deduct huge amounts, you're doing something wrong. with the numbers you imply, it's chump change to the govt (sorry)

Don't take this advice as fact. Check with a tax attorney. They'll be even more ruthless in my opinion. As a musician, they'd probably advise you not to report anything that has no paper trail.


RB
____________________

#2047315 - 03/12/13 10:35 PM Re: Starting out as your own "small business" [Re: Kosmom]  
Joined: May 2011
Posts: 1,090
bzpiano Offline
1000 Post Club Member
bzpiano  Offline
1000 Post Club Member

Joined: May 2011
Posts: 1,090
Irvine, CA
Quote
This past year I have made over the $400 limit so I need to report it differently.


If that is what you think, you need to consult your local tax expert/ accountant.


Piano lessons in Irvine, CA
Follow my 4YO student here: http://bit.ly/FollowMeiY
#2047317 - 03/12/13 10:38 PM Re: Starting out as your own "small business" [Re: Kosmom]  
Joined: Jan 2012
Posts: 2,011
Peter K. Mose Offline
2000 Post Club Member
Peter K. Mose  Offline
2000 Post Club Member

Joined: Jan 2012
Posts: 2,011
Toronto, Ontario
Buy yourself a leftie, or little-guy, book on running your own business. There are many. Years ago there was a great one called "Small Time Operator" by Bernie Kamaroff.

RB's advice is excellent. You will have deductions galore if you start filling out that Schedule C for your few earnings. Don't fret this.

You could also hire a local bookkeeper just to pick his or her brain for an hour on how to start conducting yourself taxwise, if you don't want to read a book.

Last edited by Peter K. Mose; 03/12/13 10:39 PM.

Moderated by  Ken Knapp 

Piano Acc. & Gift Items in
Piano World's Online Store
In PianoSupplies.com ,(a division of Piano World)
our online store for piano and music gifts and accessories, Digital Piano Dolly, party goods, tuning equipment, piano moving equipment, benches, lamps Caster Cups and more.


Free Shipping* on Jansen Artist Piano Benches, Cocoweb Piano Lamps, Hidrau Hydraulic Piano Benches
(*free shipping within contiguous U.S. only)
(ad)
Pearl River
Pearl River Pianos
(ad)
Pianoteq
PianoTeq 6 Out now
(ad)
Lindeblad Piano
Lindeblad Piano Restorations and sales
ad
Pierce Piano Atlas


New Topics - Multiple Forums
Feasibility of content vs piano brands or modules
by TripleSharp. 09/21/17 07:13 AM
Accompanying a singer on a digital piano?
by ClsscLib. 09/21/17 06:31 AM
Problematic trill in minute waltz
by zsolpyW. 09/21/17 04:34 AM
Hand size (Yuja Wang) picture
by phantomFive. 09/21/17 01:12 AM
Forum Statistics
Forums44
Topics181,958
Posts2,659,100
Members88,871
Most Online15,252
Mar 21st, 2010
(ad)
Accu-Tuner
Sanderson Accu-Tuner
Check It Out!
There's a lot more to Piano World than just the forums.
Click Here to
Explore The Rest of Piano World!!
Visit our online store for gifts for music lovers


 
Help keep the forums up and running with a donation, any amount is appreciated!
Or by becoming a Subscribing member! Thank-you.
Donate   Subscribe
 
Our Piano Related Classified Ads
| Dealers | Tuners | Lessons | Movers | Restorations | Pianos For Sale | Sell Your Piano |

Advertise on Piano World
| Subscribe | Piano World | PianoSupplies.com | Advertise on Piano World |
| |Contact | Privacy | Legal | About Us | Site Map | Free Newsletter |


copyright 1997 - 2017 Piano World ® all rights reserved
No part of this site may be reproduced without prior written permission
Powered by UBB.threads™ PHP Forum Software 7.6.0