It’s getting closer to Tax Day. As an Independent Music Teacher/Business Owner, be sure you’re taking advantage of all tax deductions available! Check out this list of 25 Common Business Deductions and Expenses to make sure you’re not missing anything.
Do you ever have trouble keeping track of all those business-related receipts throughout the year? Here’s an idea that’s helped me stay more organized in this area. Place 12 clear sheet protectors in a 1″ binder. Use a sticky label to make a little tab for each sheet protector with the name of each month on a tab. Throughout the year, just drop receipts into the corresponding month’s sheet protector. Make a new binder each year and easily store previous years’ binders until you can rotate them back around again (the above linked article suggests saving receipts for all common business expenses for 3 years).
Here’s a snapshot of my binder:
Great idea. Thanks.
Hi! What a great blog. I have just started as a music teacher and feel kind of lost when it comes to taxes and keeping track of payment.
Do you provide your students with an invoice and keep a copy? What’s the best way to document my income?
Also, could I deduct expenses for having a recital? I want to print out programs and provide refreshments. Thanks so much for the info.