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Summary
Happy new year! For a lot of studio owners, January represents the beginning of tax season so I’ve got Charles Harris, a CPA, as our guest today to talk about all things self-employment taxes.
We’ll cover a bunch of things including the earning thresholds for when you need to earn to start filing taxes and what to do if you did not earn a profit in your business this year (spoiler: it can benefit you to file anyway!). We’ll also talk about what’s different for the 2024 tax year and what we know (and don’t know) about expected changes for the 2025 tax year.
Plus, we’ll share an exciting announcement about new services coming to Music Studio Startup this year and a new perk for Hub members!
New this year: MSS Tax Prep + Accounting Services
Join the Hub: MSS Entrepreneurs Hub + Mastermind
Q1 Mastermind Groups start Jan 27
Resources
The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear
Course: Business Finance for Music Teachers
Podcast Episodes:
Music Studio Startup Episode 111 – Andrea Yahr on Tax Prep Tips and FAQs for 2023
Music Studio Startup Episode 093 – Andrea Miller on Business Insights from Tax Returns
Music Studio Startup Episode 008 – Scott Stratton on Retirement Options for Self-Employed Musicians
Duet Partner with Andrea Miller: Strategies for Tax-Time Organization
Tax-related Blog Resources:
- Music Teacher Income + Tax Calculator
- Lowering Taxes with Business Expenses
- 3 Ways to Track Your Mileage for Tax Purposes
- 4 Music Teacher Tax Myths
- 7 Smart Ways to Use a Tax Refund
Connect with Charles
Website: https://www.charriscpa.com/
Facebook: https://www.facebook.com/charriscpa
Instagram: https://www.instagram.com/charles.harris.cpa/
LinkedIn: https://www.linkedin.com/in/harriscpa/