Jane Scheef on Taxes
On January 18, we had a wonderful Skype presentation from Jane Scheef about taxes. She gave a general overview of deductions music teachers can take and gave many tips. She also took questions from the floor and was able to address the concerns of attendees.
A smorgasbord of her information:
- The income tax was established in 1913 as a temporary tax.
- Treats and items provided for professional meetings and contest days are deductible.
- Taking the standard mileage rate is generally better than figuring the exact cost. You may deduct mileage to the music store, to meetings and workshops, and to contests. Keeping notes on a calendar is sufficient record of miles driven if you are consistent. (Print out copies of electronic calendars.)
- Expenses for your W-2 job cannot be claimed on Schedule C (self-employment).
- When significant income comes from teaching and performance, these should be filed on separate Schedule C forms as separate jobs.
Thank you, Jane, for taking the time to talk to us!
