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Making My Studio "Legal" (Read 1067 times)

Offline chatalbashlessons

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Making My Studio "Legal"
« on: July 01, 2016, 07:03:06 PM »
I know that many people on here run very successful piano studios. I am aware that the requirements differs from state to state, county to county. However I was wondering what you had to do in order to make your studio legal.

- insurance?
- tax forms?
- fin number?
- 1099?

Any advice would be helpful.

Online j_tour

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Re: Making My Studio "Legal"
«Reply #1 on: August 27, 2016, 12:29:34 AM »
I am surprised no one of the few remaining participants told you, but, in the United States, each state has its own requirements, but to the federated states (aka USA) you will need to file a 1040SE.  

You're certainly "allowed" a number of deductions against your income, as a sole proprietor of a business, including deductions for business-related land and equipment, but the USA tax code is complicated, so you should read it if you are a small-business owner or self-proprietor like me.

ETA if you are in the US, make sure you don't forget that your "Earned Income" includes your income from students.

Just because, for example, one is a self-proprietor, for example, making twelve thousand a year, doesn't make you exempt from the tax code, nor exceptional as far as entitlements go.

Pauca intelligenti:  document everything, live frugally, and play music. 

Because on these salaries we aren't going to retire, so just be good at it.
My name is Nellie, and I take pride in helping protect the children of my community through active leadership roles in my local church and in the Boy Scouts of America.  Bad word make me sad.