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10-99 Question for a CPA
Posted on 6/13/13 at 8:38 am
Posted on 6/13/13 at 8:38 am
I play in a band and a couple venue's we play require I fill out a W9. The problem is the entire amount goes to my ss# and I get taxed on it where the money is spilt by 7 people.
How do I go about this, do I have to have each band memeber fill out a W9 under my name and I have to show how much I paid them? In the past I just paid the tax but our shows have become more frequent now so I'm not sure how to go about doing it.
How do I go about this, do I have to have each band memeber fill out a W9 under my name and I have to show how much I paid them? In the past I just paid the tax but our shows have become more frequent now so I'm not sure how to go about doing it.
2
Posted on 6/13/13 at 8:56 am to TheEye
First of all you should form an LLC, partnership or corporation among all band members to provide each with protection against lawsuits. As it stands if a patron gets injured at one of your performances each of the band members could be sued as individuals and all of your personal assets would be at-risk. Using a separate entity to contract for performances can shield the individual band members from liability in almost all cases.
How you report tax information after creating an entity is dependent on the type of entity you create.
Unitl you create a separate entity, you should get W9's from the other band members and issue them 1099's for their respective shares of band income.
How you report tax information after creating an entity is dependent on the type of entity you create.
Unitl you create a separate entity, you should get W9's from the other band members and issue them 1099's for their respective shares of band income.
Posted on 6/13/13 at 8:57 am to TheEye
Form an LLC?
ETA: Poodlebrain
ETA: Poodlebrain
This post was edited on 6/13/13 at 8:59 am
Posted on 6/13/13 at 9:00 am to Poodlebrain
How does an LLC work. We don't do this for a living, it's only a weekend band. Would it be worth it getting and LLC for that?
Posted on 6/13/13 at 9:09 am to TheEye
I don't know the details, but I do know you would want an S corporation classification, where proceeds are simply passed through and each member pays their own taxes as opposed to being taxed twice.
Posted on 6/13/13 at 9:30 am to Volvagia
My LLC was a few hours of paperwork per year to keep current. Only a few hundred to have a lawyer set up bc i was lazy and I just signed the documents after reading them.
If I can do it, I guarantee you can.
If I can do it, I guarantee you can.
Posted on 6/13/13 at 9:36 pm to eng08
Issue 1099s to people you paid and send summary report to IRS. You can buy a kit with said documents at office depot for around $20. I wouldn't worry about LLCs or S corps at this point
Posted on 6/13/13 at 9:47 pm to eng08
Issue 1099s to people you paid and send summary report to IRS. You can buy a kit with said documents at office depot for around $20. I wouldn't worry about LLCs or S corps at this point
Posted on 6/13/13 at 11:21 pm to RunningBlake
quote:The business entity is not for tax purposes. It is for asset protection purposes. If the OP's band is playing a gig in a bar and a fight breaks out in which someone gets hurt. The band can get sued, and without some sort of legal protection provided by a separate entity the individual members of the band can also get sued. All of the personal assets of all of the band members would be available as damages to any plaintiff(s). With a separate entity the bar patrons would have to sue the band, and the assets of the business entity are all that would be available to the plaintiff(s) as damages.
I wouldn't worry about LLCs or S corps at this point
The information reporting for tax purposes doesn't have to be done until January 31, 2014. The creation of a business entity for the band should be done immediately.
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