Growth Group

Stop thinking you can keep earning money in the music industry and the IRS won’t know! You’re not that difficult to find online.

Planning prepares you for profit. Make the plan, reap the payment. 🤑

-5th Don’t Get Penalized 🚫 The penalty for NOT filing the 1099 or filing late is between $50-$550 PER FORM! So, yeah do this process before Jan 31 and keep your bank account full! If you’re gonna get your 1099 forms out on time say “On Time” in the comments below!⏰

-4th Create A Process 📝Setup a process for collecting this info upfront & don’t wait until the last minute next year. BEFORE you pay anyone, request the W-9 and get it back before you send payment! This will increase their urgency to get it to you because they want their $$$

Yo! Your team is waiting on their 1099s so they can file taxes! Here’s how you can get them done FAST 💨 If you don’t want the hassle of filling out the IRS forms by hand and mailing them to your band, manager, attorney, etc. Here’s what you do...

3. Track Your Expenses This is 🔑. If you don’t track it HOW are you going to deduct it?! Put everything you buy for music on a credit/debit card and connect it to a system like @Xero. When you spend, the transaction will pull into the system automatically for you to sort.

2. Don’t Be Scared of Tax Deductions If you’re a producer with a home studio, or a touring artist with a band... there could be HUNDREDS of tax deductions you’re missing out on! Everything cant be deducted but you can find a music CPA approved list here: 100.growthgroup.com

Music industry! Let’s talk TAXES. Uncle Sam is serious about his money. Here are some business hacks to stay off his list. Okay, let’s do this!

@StephOnStrings @GreenViolinist Don’t want you in the same boat coming up this year. Taxes can suck but they can also be managed. Let’s set it up so you control them not the other way around...

@StephOnStrings Ain’t that the truth!

I do not serve money. Money serves me. I believe I will always have enough , and more is on its way to me.

Comment 🏠 if this made sense and you’re going to make spending changes today. NUMBERS DON’T LIE... your capital is sitting in your closet. 🤷🏾‍♀️

And any music entreprenuer can use this strategy it doesn’t take $120k to start! If you just start saving 5-10% of your current income you’d start earning interest and eventually have the capital to START with one property and build from there! Stop complaining, start building!

Talked to a songwriter/producer yesterday who owns a successful music business and told them that they spent $120,000 on clothing, shoes, jewelry, etc last year. And I said to them, “If you spend that same amount of cash to invest you could make $20,000/yr on it” Here’s How 👉🏾