|
Log in to post
|
Print Thread |
|
|
|
|
|
Off-Topic
|
Joined: Dec 2011
Posts: 14,051
Veteran
|
OP
Veteran
Joined: Dec 2011
Posts: 14,051 |
For 2019 our songs that were distributed to streaming platforms by Songtradr and our 25 sync licensed songs via Songtradr actually earned us some money. Being old and a pensioner this is the first earned income we had in many a year. Songtradr collects no tax info on members so how do I report this? Is there a quick and easy way to do it? The amount of money we spend on music production software would exceed the income but I have zero interest in getting into something complicated. We're only looking at a couple hundred bucks.
Thanks,
Bud
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Jul 2000
Posts: 25,858
Veteran
|
|
Veteran
Joined: Jul 2000
Posts: 25,858 |
If you are a business then file a Schedule C. This allows you to offset your income with music production-related expenses, which you cannot otherwise deduct. You need to show a profit in 3 out of 5 years, and act in other ways like you are a business. It’s more complicated than this, but there is a start.
BIAB 2024 Win Audiophile. Software: Studio One 6.5 Pro, Swam horns, Acoustica-7, Notion 6; Win 11 Home. Hardware: Intel i9, 32 Gb; Roland Integra-7, Presonus Studio 192, Presonus Faderport 8, Royer 121, Adam Sub8 & Neumann 120 monitors
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Dec 2011
Posts: 14,051
Veteran
|
|
OP
Veteran
Joined: Dec 2011
Posts: 14,051 |
Thanks Matt As mentioned, I'm but a retired old phart on a government pension. No business. And no intent of creating a LLC or any other entity. We owned a bike/kayak shop 20 years ago. That was enough for us. Almost makes me wish I had not earned it  Bud
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Jun 2005
Posts: 7,687
Veteran
|
|
Veteran
Joined: Jun 2005
Posts: 7,687 |
Haha, don't worry about it. As the resident tax guy, legally you have to report all income no matter what ASSUMING you have a filing requirement in the first place. If you have no intention to do this as a profit making business just throw a couple hun as Other Income, forget a Sch C.
Depending on your total taxable earnings there may not be any tax on it anyway but you at least reported it. If you don't have a filing requirement then a few hundred won't make any difference to that calculation and even if it does, nobody's coming after you for $10-20 in tax. Add a zero to that number, it could be a different story.
Having said that, I know nothing about your situation. For all I know you have a 200K AGI from pensions, investments, rental properties or whatever. In that case yes, definitely include it as Other Income. If you already have a Sch C for something else I would just add it to that Sch C's income. It's not technically correct but you did your duty and included the income. I wouldn't create a new Sch C over two hundred bucks and trust me the IRS doesn't care either.
Bob
Biab/RB latest build, Win 11 Pro, Ryzen 5 5600 G, 512 Gig SSD, 16 Gigs Ram, Steinberg UR22 MkII, Roland Sonic Cell, Kurzweil PC3, Hammond SK1, Korg PA3XPro, Garritan JABB, Hypercanvas, Sampletank 3, more.
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Dec 2011
Posts: 14,051
Veteran
|
|
OP
Veteran
Joined: Dec 2011
Posts: 14,051 |
Thank you Bob. That was very helpful. Our tax scenario is simple with income consisting of my pension, SS and a couple of tanked IRA‘s - zero debt and the standard deduction. AGI is relatively modest. We’ll add it to “Other” and trust that The feds make good use of the 20 bucks Appreciate it. Bud
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Dec 2003
Posts: 20,771
Veteran
|
|
Veteran
Joined: Dec 2003
Posts: 20,771 |
A few years ago I was teaching part time and the rule then was if the total amount made was less than $600 all you do is list that amount on your tax form. $600 or more you had to fill out an extra form.
The safest way is to ask a local tax accountant as state tax laws very from state to state.
Me, it's not about how many times you fail, it's about how many times you get back up.
Cop, that's not how field sobriety tests work.
64 bit Win 10 Pro, the latest BiaB/RB, Roland Octa-Capture audio interface, a ton of software/hardware
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Dec 2011
Posts: 14,051
Veteran
|
|
OP
Veteran
Joined: Dec 2011
Posts: 14,051 |
Thanks Mario, folks my age don't pay state taxes in GA I located this and it seems to address my issue and your prior situation. This does not vary from what Bob has already pointed out. "Unless the income is considered a gift, you need to report all income that is subject to US taxation on your tax return. The $600 limit is just the IRS requirement for Form 1099-MISC to be considered necessary to file by the payer. You will report this income as other miscellaneous income on line 21 of your 1040. This income will not be subject to self-employment taxes." Bud
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-Topic
|
Joined: Mar 2021
Posts: 2
Newbie
|
|
Newbie
Joined: Mar 2021
Posts: 2 |
It's unbelievable, but it really does happen in our world. I think the best option is to get help from ThePayStubs, which I recently found. I haven't been able to find out all the benefits of this tool yet, but I found it to be a very important tool that helps me collect all my statements and tax receipts in one place. I'm sure it will be an interesting experience for you as well because you can find many effective and efficient features in it.
Last edited by AllanLisa; 10/06/21 10:50 PM.
|
|
|
|
|
|
|
|
|
|
|
|
Ask sales and support questions about Band-in-a-Box using natural language.
ChatPG's knowledge base includes the full Band-in-a-Box User Manual and sales information from the website.
|
|
|
|
|
|
|
|
|
|
|
Update Your PowerTracks Pro Audio 2024 Today!
The Newest RealBand 2024 Update is Here!
The newest RealBand 2024 Build 5 update is now available!
Download and install this to your RealBand 2024 for updated print options, streamlined loading and saving of .SGU & MGU (BB) files, and to add a number of program adjustments that address user-reported bugs and concerns.
This free update is available to all RealBand 2024 users. To learn more about this update and download it, head to www.pgmusic.com/support.realband.htm#20245
The Band-in-a-Box® Flash Drive Backup Option
Today (April 5) is National Flash Drive Day!
Did you know... not only can you download your Band-in-a-Box® Pro, MegaPAK, or PlusPAK purchase - you can also choose to add a flash drive backup copy with the installation files for only $15? It even comes with a Band-in-a-Box® keychain!
For the larger Band-in-a-Box® packages (UltraPAK, UltraPAK+, Audiophile Edition), the hard drive backup copy is available for only $25. This will include a preinstalled and ready to use program, along with your installation files.
Backup copies are offered during the checkout process on our website.
Already purchased your e-delivery version, and now you wish you had a backup copy? It's not too late! If your purchase was for the current version of Band-in-a-Box®, you can still reach out to our team directly to place your backup copy order!
Note: the Band-in-a-Box® keychain is only included with flash drive backup copies, and cannot be purchased separately.
Handy flash drive tip: Always try plugging in a USB device the wrong way first? If your flash drive (or other USB plug) doesn't have a symbol to indicate which way is up, look for the side with a seam on the metal connector (it only has a line across one side) - that's the side that either faces down or to the left, depending on your port placement.
Update your Band-in-a-Box® 2024 for Windows® Today!
Update your Band-in-a-Box® 2024 for Windows for free with build 1111!
With this update, there's more control when saving images from the Print Preview window, we've added defaults to the MultiPicker for sorting and font size, updated printing options, updated RealTracks and other content, and addressed user-reported issues with the StylePicker, MIDI Soloists, key signature changes, and more!
Learn more about this free update for Band-in-a-Box® 2024 for Windows at www.pgmusic.com/support_windowsupdates.htm#1111
Band-in-a-Box® 2024 Review: 4.75 out of 5 Stars!
If you're looking for a in-depth review of the newest Band-in-a-Box® 2024 for Windows version, you'll definitely find it with Sound-Guy's latest review, Band-in-a-Box® 2024 for Windows Review: Incredible new capabilities to experiment, compose, arrange and mix songs.
A few excerpts:
"The Tracks view is possibly the single most powerful addition in 2024 and opens up a new way to edit and generate accompaniments. Combined with the new MultiPicker Library Window, it makes BIAB nearly perfect as an 'intelligent' composer/arranger program."
"MIDI SuperTracks partial generation showing six variations – each time the section is generated it can be instantly auditioned, re-generated or backed out to a previous generation – and you can do this with any track type. This is MAJOR! This takes musical experimentation and honing an arrangement to a new level, and faster than ever."
"Band in a Box continues to be an expansive musical tool-set for both novice and experienced musicians to experiment, compose, arrange and mix songs, as well as an extensive educational resource. It is huge, with hundreds of functions, more than any one person is likely to ever use. Yet, so is any DAW that I have used. BIAB can do some things that no DAW does, and this year BIAB has more DAW-like functions than ever."
Convenient Ways to Listen to Band-in-a-Box® Songs Created by Program Users!
The User Showcase Forum is an excellent place to share your Band-in-a-Box® songs and listen to songs other program users are creating!
There are other places you can listen to these songs too! Visit our User Showcase page to sort by genre, artist (forum name), song title, and date - each listing will direct you to the forum post for that song.
If you'd rather listen to these songs in one place, head to our Band-in-a-Box® Radio, where you'll have the option to select the genre playlist for your listening pleasure. This page has SoundCloud built in, so it won't redirect you. We've also added the link to the Artists SoundCloud page here, and a link to their forum post.
We hope you find some inspiration from this amazing collection of User Showcase Songs!
Congratulations to the 2023 User Showcase Award Winners!
We've just announced the 2023 User Showcase Award Winners!
There are 45 winners, each receiving a Band-in-a-Box 2024 UltraPAK! Read the official announcement to see if you've won.
Our User Showcase Forum receives more than 50 posts per day, with people sharing their Band-in-a-Box songs and providing feedback for other songs posted.
Thank you to everyone who has contributed!
|
|
|
|
|
|
|
|
|
|
|
|
Forums66
Topics81,577
Posts734,588
Members38,497
| |
Most Online2,537
Jan 19th, 2020
|
|
|
|
|
|
|
|
|
Dansk
Deutsch - Windows
Español
Français - Windows
Italiano - Windows
Nederlands
Polski
Português
Svenskt
русский
Japanese
Simplified Chinese
Traditional Chinese
Korean