#1
i.e. from d/loads, CD sales and royalties. At what point would you have to declare yourself a business and set up a business bank account?

Cos I can't imagine it's ever more than a hobby for unsigned artists as it's f***ing difficult to rake in even double figure amounts over a coupla months.
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#2
With my band we just set up a business paypal account, linked with a regular bank account (we can't withdraw from the private bank account through paypal). We only have like 50 dollars or so though I guess
#4
when i was "working" from home for a couple years i had the cover band as my business technically. we did covers, nothing large in terms of cash flow but according to the IRS I was a musician. we did about $10-15k/yr after taxes, so definitely nothing liveable but at that level there are a lot of tax incentives etc (gas driving to gigs, all gear you purchase, depreciation of said gear, etc).
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Last edited by thejester at Sep 23, 2014,
#5
I didn't bother with "when do I have to?" - I set up a bank account right away for all of my side projects (I write games, make animations, music, video clips, all that jazz) and declared my income/expenses to the IRS at the end of the year anyway, just to be safe. I'd rather let my tax software decide if it's enough money to be legal about or not.

I think the cutoff is somewhere in the neighborhood of $600, but don't quote me on that. I know that's the magic number for wages, which I had to be mindful of for models I hired.