Business Skills For Musicians: Business Structures & Taxes

👀 NEW SERVICE! Get Professional Feedback On Your Sync Tracks:
www.profeedback.me Free TV/Film Sync Licensing Course:
www.syncmymusic.com/freecourse
Music Library Directory (300+ Companies):
www.syncmymusic.com/musicdire...
My Music Library Recommendation Service:
www.syncedge.me
Video Tutorials On Creating Licensable Music For TV:
www.syncacademy.me
Sync My Music Main Site:
www.syncmymusic.com
Sync My Music Podcast: www.syncmymusic.com/podcast

[@RussPaladino]

You’ve performed another outstanding service to the music community. Such critical info that’s rarely outlined like you have here. Thanks Jesse.

[@JureJerebic]

Thank you Jesse, this video needs to be promoted everywhere for composers / music producers

[@SyncMyMusic]

Thanks Jure!

[@777roberthelder]

This is the first year I really started making money with music & this is a great help....

[@rebekahcrotty623]

CONGRATULATIONS!!!

[@sergiorangel2635]

Watching this 3yrs afters it’s been made and this video is by far the best video iv seen. Thanks for the info. Helped clear out a lot of questions Iv had.

[@SyncMyMusic]

Glad it helped!

[@dessguy7199]

Your videos are always very informative and useful. Thank you! Your future Syndicate subscriber

[@SyncMyMusic]

Glad to help!

[@tgbeatz_816]

Great video

[@MusiciansIgnite]

Oklahoma is $25 for the annual fee on a LLC. Super cheap!

[@BAMac964]

wow thank you so much for this. I've always wondered how this works and I'm glad you broke it down so simply.

[@narekmirzaei6012]

This one was really helpful! First time seeing such a comprehensive video about business structure for composers. I have a question though. I used to live in the US. I have SSN and worked in the US for about 1.5 years. Now I am back to my home country. I am not a resident or citizen of US. I am also a member of BMI. Do American music libraries and companies work with only US residents and citizens or do they accept music from composers overseas as well?

[@SyncMyMusic]

Yes, just call your PRO and ask them what the protocol for working with US libraries is.

[@megagnar2610]

I never got an email for video 2! Would love to keep watching but I’m not sure which order:

[@SyncMyMusic]

Email me at [e-mail] and I"ll send you them all.

[@oscarhhernandezvazquez6970]

Dear Jesse I really really appreciate all videos you do with very important information about a wide spread of music industry items. I am learning a lot from these. I am also figuring out how to adapt such info to my personal situacion because I live outside US (Mexico). Thanks a lot again Oscar

[@SyncMyMusic]

You're very welcome! Make sure you talk to a CPA to get the best advice for your personal situation.

[@oscarhhernandezvazquez6970]

Nice! Thanks again

[@iannmassoud]

You're saving people's careers, Jesse!

[@ussoccerrisingstars317]

I am Canadian and I took you adviced about getting a waver from a Canadian PRO so that I can deel with American libraries. but in that situation I would obviously be paying taxes to the USA government for having made money with in the American borders, but will I be required to pay taxes in Canada on the same income as well?

[@SyncMyMusic]

You would need to check with your local tax authorities as I'm not sure if the Canadian government would also require taxes on income you earn from within the US.

[@FeonaLeeJones]

As a piano teacher, performer, and composer would u recommend doing an LLC or S Corp?

[@SyncMyMusic]

You need to talk with an accountant or CPA to decide how you will structure your self-employed businesses. There are pros and cons to each type and there are many factors which could steer you in one direction over another.

[@dangus5459]

not an S-Corp till your making upwards of $50k-$100k, that's what my CPA told me. im a drum teacher, performer, licensed songwriter

[@cleangenius4262]

I used my SSN to sign with a music library. Can I change it to my EIN number at anytime or is it permanent now?

[@SyncMyMusic]

You can certainly contact your Library to have them update their tax record information for you.

[@cleangenius4262]

Sync My Music thanks!

[@juanimewu1425]

So would buying plugins for your DAW be considered business purchases? I'm guessing all you need is a decent argument to support your purchases in court. What about buying that sofa, but for your studio? I'm just curious how that whole justification process would work

[@SyncMyMusic]

Always check with you CPA, but generally any software/hardware and/or furniture that can be justified as necessary to run your music business can be written off.