My full time job is sitting in a bedroom all day writing and recording music. I get paid from YouTube ads, spotify streams, iTunes purchases, etc. in 2017 I made about $20k but this year things have started taking off and I’m seeing between $8-9k a month. I have no idea where to start on doing my taxes for this type of income. I’m familiar with reporting taxes from jobs I’ve had but this is a little different.
I quit my normal job about a month ago to do music full time as its paying off quite well. Probably 90% of my income goes directly to my PayPal and into my bank account. The other just goes into my bank account.
I’ll list a few possible deductions:
I started selling Merch in November and made around $5k before the beginning of 2018. Around $3k of that was used to get the Merch printed and to pay for shipping labels.
I’ve bought quite a few “beats” off of YouTube probably totaling around $600 in 2017
Since Music was my second job in 2017, I assume the internet bill I paid to upload my music could be written off?
In 2016 I bought a microphone, speakers, audio interface and a noise shield for my mic, totaling around $700. Even though I bought that in 2016, I still use it as my main equipment for my music. Could that be written off?
As I mentioned earlier, most of the money I made is all in my PayPal activity in the “money in” section so I’d easily be able to print off all of the money I made in 2017.
Thank you in advance for any help.
Submitted February 13, 2018 at 10:49PM by WeenerSlurper69 http://ift.tt/2HcEWkE
