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The Magic Cafe Forum Index » » The side walk shuffle » » Tax Impact (0 Likes) Printer Friendly Version

BerkleyJL
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Chicago, IL
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Taxes are due by April 15th, and that got me thinking about my income. I will get out there this year, but I don't want to perform myself into an audit.

How do you workers out there keep track of your busking income, and what sort of impact does it have on your tax filing at the end of the year? Do you register for an EIN, being self-employed?

Sorry if I'm completely clueless. I'd just like to figure things out BEFORE I get started, whenever possible.
I need a stage name.

Joe Berkley
bonehead
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Now THAT'S funny Smile A busker paying taxes! I'll be wiping my drink off my computer screen now.
Avrakdavra
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The Pine Tree State, USA
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Are you a busker who does not pay taxes?
suspectacts
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Boston
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Berk;

I can't tell you what to do, but I find that at the end of each year , the money I made in the hat is EQUAL to the expenses I was planning on deducting for my business.

How strange is that?

All the best

Peter G
http://www.funnymagic.com
bonehead
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Quote:
On 2005-04-01 10:46, Avrakdavra wrote:
Are you a busker who does not pay taxes?


Oh, most certainly not. At the end of every day of busking, I sit down with my calculator, add all the tips up, write them in my journal, and when I get home, I record it all in my accounting software so that I can pay my quarterly taxes.

I think you'll find most serious buskers do this as well. I know Cellini does. We've often spoke about whether to use PeachTree Accounting Software or Quickbooks.
Gazzo
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Ha Ha Ha that's funny nob head!
JoeJoe
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Myrtle Beach
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I have a sheet of paper in my day planner ... I write down the date and how much I made. Nothing fancy, just add it all up at the end of the year for a schedule C. I don't have an EIN, I use my SSN ... unless you hire employees, you don't need an EIN.

As for taxes, by US law buskers are required to pay taxes on their tips .... any serious performer will be paying their taxes. Don't wanna be street performing in the pin for tax evasion.

JoeJoe
Amazing JoeJoe on YouTube[url=https://www.youtube.com/user/AmazingJoeJoe]
BerkleyJL
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Chicago, IL
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Thanks JoeJoe. That's exactly what I was looking for.
I need a stage name.

Joe Berkley
Kozmo
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Lol....gazzo!!!!!

no kidding...

NO COMMENT by the way!
koz
Bill Palmer
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Check my post here:
http://www.themagiccafe.com/forums/viewt......=6&3

If you are doing it correctly, you will be filing a Schedule C. You can deduct all sorts of things on a Schedule C -- mileage, meals, lodging, props, supplies, costumes. You can't deduct ordinary clothing that you would normally wear, but if you put a secret p****t into it, it's not clothing, it's a costume.

Be careful to show a profit, no matter how small, from time to time. Otherwise, it's a hobby and you can only report the income, not the expenses.

Find a good accountant!!!!!
"The Swatter"

Founder of CODBAMMC

My Chickasaw name is "Throws Money at Cups."

www.cupsandballsmuseum.com
BerkleyJL
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Chicago, IL
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Thanks, Bill. I hadn't even thought of deducting my expenses. Guess I'll be saving my train receipts and receipts for any new props I buy. I wonder if club memberships and/or lecture fees would qualify for these deductions?
I need a stage name.

Joe Berkley
Mad Jake
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All the voices in my head helped me make
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Lectures can be claimed as a deduction, you list them as Research, also 37 cents per mile to drive to and from the lecture. Call Gazzo, ask him how to do a final load and you can claim that as a consulting fee, however be prepared to do your routine in the event of an audit.

Jake
For quality Paul Fox Cups spun on Danny Dew's Paul Fox tooling visit us at www.airshipmagic.com
Gazzo
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In England, you go into an accountant's office and ask "What's 6+6?" he answers "12" in America you go into an accountant's office and ask " what is 6+6" the accountant will stand up, lock the door and draw the blinds and reply "What do you want it to be?"
God I love this country!
Bill Palmer
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It took me a long time to find a really good one. Some accountants work for the IRS. By that, I mean that they are afraid of the IRS, so they send them more of your money than they deserve. Mine is a CPA and an attorney. He also worked as a juggler, magician and piano player when he was going through college and law school.
"The Swatter"

Founder of CODBAMMC

My Chickasaw name is "Throws Money at Cups."

www.cupsandballsmuseum.com
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