💡✍️ADN #060: Music Business Management 101

Jan 14, 2024

Hey Friends -

Welcome to the Artist Development Newsletter.

Every Sunday, I send an email providing actionable tips for artists and industry on one area of the music business.

Last week, we talked about “How To Get Rich.”

You can re-read last week’s newsletter here if you want to refresh.

Today, Music Business Management 101.

Let’s go — ->

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How many hours a year do you spend trying to make $$?

More than you’d like to admit?

Now, how many hours a year do you spend on your taxes and financial planning?

Less than you’d like to admit?

If the answer is yes, you are like most artists and musicians.

Don’t feel bad.

Do this 1 simple thing to start and you’ll be ahead of 99% of artists.

Pay your quarterly taxes.

Why?

You won’t wake up on April 15th with a painful surprise when you realize you haven’t saved a penny in the past year.

Here’s a simple explanation of how…

Quarterly Tax Deadlines:

Paying quarterly taxes individually, and as a business (LLC, S-CORP, etc.) is a simple best practice.

Here’s how:

  • Setup a bank account for your personal taxes.
  • Setup a bank account for your business taxes.
  • Contribute 20–25% (22% is a happy medium) into your tax account as income comes in.
  • On or before the quarterly tax deadlines pay the tax man.

You can pay directly here: https://www.irs.gov/payments/direct-pay

Here are the 2024 deadlines.

3 more simple areas to manage are:

  • Income Tracking & Documentation
  • Expense Management & Deductions
  • Withholding & Reporting Requirements

I’m not a business manager, but if you are in a bind or don’t know where to begin with your finances, I’m happy to help point you in the right direction for the right conversations.

Email Me: [email protected]

See you next Sunday!

Neil Mason

Artist Development

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