Taxes for DJs Part 2: Christian Putnam, CPA

Summary

The episode features a conversation between Jamie Selects and Christian Putnam, a CPA, discussing DJ taxes, business structures, and financial operations. They cover topics such as business structures for DJs, including sole proprietorships, LLCs, and S corporations, as well as income, expenses, and sales tax considerations for DJ businesses. The conversation covers tax considerations for DJs, including sales tax, expenses, travel deductions, home studio deductions, estimated taxes, record-keeping, and hiring considerations. Christian P provides insights on tax deductions, self-employment tax, and the importance of tracking income and expenses. He also emphasizes the need for estimated tax payments and proper documentation. Christian P's website is www.auger.cpa.

Key Takeaways

• Business structures for DJs include sole proprietorships, LLCs, and S corporations.
• Income for DJ businesses includes performance fees, merch sales, and event ticket sales.
• Sales tax considerations for DJ businesses depend on the location of sales and the volume of orders. Sales tax rules vary by state
• Expenses can be categorized as current or capital expenses
• Home studio deductions require regular and exclusive use
• Estimated tax payments are essential for self-employed individuals
• Proper record-keeping and documentation are crucial for tax reporting
• Hiring considerations include 1099 filing requirements

Chapters

• 00:00 Introduction and DJExpenseTracker.com
• 05:02 S Corporation Election and Tax Savings
• 13:49 Financial Order of Operations
• 21:52 Income and Sales Tax Considerations
• 27:03 Sales Tax Considerations
• 34:30 Travel and Meal Deductions
• 41:35 Home Studio Deductions
• 47:48 Estimated Taxes and Hiring Considerations