Self employed musicians and taxes.

Today we have looked at taxes and how self employed musicians work to pay them and save as much as they can.

In any job where you are employed by a company your taxes are deducted for you when you receive your pay check, but as a musician you have to declare all the money you earn and deduct 20% of your total earnings for taxation. Failure to do so will send you to prison eventually.

However there is something that musicians do to save more money, they will claim certain expenses on being spent on equipment and things that are necessary. For example a musician can claim back on items such as musical equipment as they need it to work, fuel as they have to travel to the gig to do their job, ipods so they can study music they need to and anything else they can try and claim is vital to their job.

This way a musician can save as much money as possible on taxes.