Members Rezrover Posted January 31, 2012 Members Share Posted January 31, 2012 Glad this is my last year doing it!!! Link to comment Share on other sites More sharing options...
Members Axisplayer Posted January 31, 2012 Members Share Posted January 31, 2012 So next year, which prison do we send the mail to? ;-) Quitting huh? Link to comment Share on other sites More sharing options...
Members wheresgrant3 Posted January 31, 2012 Members Share Posted January 31, 2012 Yup... it's gotten sticky in year's past. Link to comment Share on other sites More sharing options...
Members Rezrover Posted January 31, 2012 Author Members Share Posted January 31, 2012 Been done since the 4th of July. Most of my rig is gone except my EV mains & subs and Audiopile mic & speaker cables. The only bad part of the taxes is that what gear I've sold that's being depreciated; if I made more than the depreciation model suggests, I have to claim that as an income. Link to comment Share on other sites More sharing options...
Members bnelly428 Posted January 31, 2012 Members Share Posted January 31, 2012 This is my first year doing taxes for "the band". Basically I am taking the liability and then 1099-MISC everyone who got paid, including our booking agent. It gets complicated because our previous drummer passed away, new drummer only played a couple shows, had a fill in bass player for a bit... And to top it off, I still haven't gotten everything. I'm sure I'll get most of it this week.... Can't wait to see what my accountant bill is going to be. On top of all that I have investments etc that complicate the process, so I can't even do it myself. BLAH! This year I plan on not playing any venues that will W2 us. Not worth the hassle imo. (and it doesn't look like we'll be playing those venues anyway) Link to comment Share on other sites More sharing options...
Members Rezrover Posted January 31, 2012 Author Members Share Posted January 31, 2012 Just depends on how you want to cover you a$$ and how much you want to limit yourself. Some of the better gigs were the places we had to fill out a W2. Link to comment Share on other sites More sharing options...
Members bnelly428 Posted January 31, 2012 Members Share Posted January 31, 2012 it seems as though those gigs are drying up to be honest. We haven't broken into the corporate/wedding stuff, and I'm not sure I want to deal with all that stuff anyway. But live and learn I guess! Link to comment Share on other sites More sharing options...
Members kmart Posted January 31, 2012 Members Share Posted January 31, 2012 I feel your pain. Had a surprise W2 come to me for my side-project band from late 2010. I elected to take the hit alone, as the amount wasn't that significant, and this act only plays a handful of times a year/we have severe communication lag as it is. I decided it would be easier all-around to handle it as opposed to trying to 1099 everyone or arrange for them to cover their share. This past year (2011) though, same late in the year gig is approaching, venue contacts our lead to confirm W2 information, lead contacts me to ask for my details...I told him "I believe mine are 'I took that hit last year, and it will not be my responsibility to handle, manage or sort it out this year'". Of course this time around, everybody's up in arms about it, wants to figure out how we can minimize or avoid the tax hit, one of the guys even asked if in the future, we (as a band) could make sure not to get paid at/above a level that would necessitate dealing with taxes, etc... Almost enough to make me just wash my hands of any band business altogether. Link to comment Share on other sites More sharing options...
Members bnelly428 Posted January 31, 2012 Members Share Posted January 31, 2012 I feel your pain.Had a surprise W2 come to me for my side-project band from late 2010. I elected to take the hit alone, as the amount wasn't that significant, and this act only plays a handful of times a year/we have severe communication lag as it is. I decided it would be easier all-around to handle it as opposed to trying to 1099 everyone or arrange for them to cover their share.This past year (2011) though, same late in the year gig is approaching, venue contacts our lead to confirm W2 information, lead contacts me to ask for my details...I told him "I believe mine are 'I took that hit last year, and it will not be my responsibility to handle, manage or sort it out this year'". Of course this time around, everybody's up in arms about it, wants to figure out how we can minimize or avoid the tax hit, one of the guys even asked if in the future, we (as a band) could make sure not to get paid at/above a level that would necessitate dealing with taxes, etc...Almost enough to make me just wash my hands of any band business altogether. Funny how they are ok when YOU take the hit, but if someone else has to... "let's figure something out" Link to comment Share on other sites More sharing options...
Members kmart Posted January 31, 2012 Members Share Posted January 31, 2012 Funny how they are ok when YOU take the hit, but if someone else has to... "let's figure something out" Exactly. Nobody gave it a second mention when I handled it. I let them know after the fact..."Hey guys, just so you're aware, there were taxes paid on the receipts from that gig in December. I handled it, but we should talk about how that should be taken care of in the future"...and ...crickets. Again, it's a side-project band for everyone involved, but we are ramping up efforts to get more events/fests through a music biz lawyer/agent friend who is willing and able to place us where we fit, and the pay will be higher than what we'd previously brought in, and happen with more frequency. I can't wait to hear the nonsense when it comes time to pay out cuts, and someone realizes money has to go to taxes AND the agent... Link to comment Share on other sites More sharing options...
Members jimiv Posted January 31, 2012 Members Share Posted January 31, 2012 I feel your pain.Had a surprise W2 come to me for my side-project band from late 2010. I elected to take the hit alone, as the amount wasn't that significant, and this act only plays a handful of times a year/we have severe communication lag as it is. I decided it would be easier all-around to handle it as opposed to trying to 1099 everyone or arrange for them to cover their share.This past year (2011) though, same late in the year gig is approaching, venue contacts our lead to confirm W2 information, lead contacts me to ask for my details...I told him "I believe mine are 'I took that hit last year, and it will not be my responsibility to handle, manage or sort it out this year'". Of course this time around, everybody's up in arms about it, wants to figure out how we can minimize or avoid the tax hit, one of the guys even asked if in the future, we (as a band) could make sure not to get paid at/above a level that would necessitate dealing with taxes, etc...Almost enough to make me just wash my hands of any band business altogether. Same thing happened to me at the end of last year. We always got cash and I just reported my take. We did a corporate gig downtown late in the year and (I) was paid via corporate check. Rather than go through the 1099 deal, I just reported the entire check on my taxes. It wasn't too bad since my business expenses for 2010 washed it out, but this year will be different since we have switched to only corporate/wedding/private party gigs which means dealing with a lot of checks, w-2s etc. I am going to have to bring it up to the band this month and make everyone aware that they will be 1099'd for 2011 and beyond. And the bellyaching will begin. Link to comment Share on other sites More sharing options...
Members kmart Posted January 31, 2012 Members Share Posted January 31, 2012 And the bellyaching will begin. This is what kills me.Did the other members not earn an equal share (or at least the agreed upon amount) as well? I know if I told everyone "I'll pay all the taxes, but then I'm keeping all the dough as well" it wouldn't go over so well... Link to comment Share on other sites More sharing options...
Members jimiv Posted January 31, 2012 Members Share Posted January 31, 2012 Everyone gets equal share after I skim a percentage for booking fee (15%) which covers marketing expenses (website expense; structured payment plan for recording, video, photos, etc.). I just declared the corporate check on my taxes because I knew it wouldn't bump my tax bill after deductions. But it was a one time deal primarily because I was just too lazy to collect all of the social sec #, fill out the 1099s etc. just for one gig. Will be different this year. I've been getting better at ignoring complainers, unless it gets too loud. Link to comment Share on other sites More sharing options...
Members guitarguy19 Posted January 31, 2012 Members Share Posted January 31, 2012 You guys get venues giving you a W2????? I haven't heard of such a thing. We fill out W9s for a lot of places and receive 1099s, but I can't believe these gigs are handing out W2s. I don't believe there is any good reason for a venue to have to pay payroll taxes and half your SS and medicare taxes. Why would they not independent contractor you with a 1099 instead? Are you sure that's what you're getting? Anywho...ask around (other musicians, family members, etc etc) and find an independent accountant. Mine does all my stuff, and I have a house, wife, day job, retirement accounts, student loan deductions, tuition payments, etc etc, for $100. You go to some yutz at H&R block or something and you'll pay out your ass. As for band/taxes/no one wanting to pay...we just owned up to it and made it a fact. We're a professional band, all the good gigs and smart venues write off their entertainment costs, let's do everything we can to minimize it. All mileage, instruments, equipment, office supplies, trips to guitar center, stage clothes, etc etc etc, get deducted. Just be diligent and organized. Link to comment Share on other sites More sharing options...
Members jimiv Posted January 31, 2012 Members Share Posted January 31, 2012 No, you're right, it wasn't W-2s as those are for withholding. I misspoke. They would have been W-9s I guess. Link to comment Share on other sites More sharing options...
Members guitarguy19 Posted January 31, 2012 Members Share Posted January 31, 2012 No, you're right, it wasn't W-2s as those are for withholding. I misspoke. They would have been W-9s I guess. W2s are for employees. W4s are for withholding. Link to comment Share on other sites More sharing options...
Members jimiv Posted January 31, 2012 Members Share Posted January 31, 2012 Oh well, I know it had a W in front of it anyway...hahahaha. Link to comment Share on other sites More sharing options...
Members guitarguy19 Posted January 31, 2012 Members Share Posted January 31, 2012 Oh well, I know it had a W in front of it anyway...hahahaha. Haha yeah I know! :poke: Link to comment Share on other sites More sharing options...
Members kmart Posted January 31, 2012 Members Share Posted January 31, 2012 Oh well, I know it had a W in front of it anyway...hahahaha. Exactly, yeah. 9s.Shows how little the other guys pay attention if I, the one who had to deal with it, can't even remember. Link to comment Share on other sites More sharing options...
Members jimiv Posted January 31, 2012 Members Share Posted January 31, 2012 Exactly, yeah. 9s.Shows how little the other guys pay attention if I, the one who had to deal with it, can't even remember. Exactly. Funny how I do remember the exact number I had to pay the IRS though. Hahhaha. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.