This time of year I get a lot of financial questions from teachers. We’ve just gotten through the holiday spending spree, new year’s might have inspired some financial goal-setting, and then there’s the looming tax deadline in April, so there’s a lot to think about.

Sometimes the questions I get are really specific to an individual, but lately a bunch of clients and listeners have said “hey, you talk about reviewing financials on a regular basis as a way of getting more familiar with my financial picture, but what exactly should I be reviewing?”

And they’re totally right, I haven’t been very specific here. So today I’m going to do that.

I’m going to show you how to find some key numbers on your tax return that can give you powerful insights into your business and personal finances.

A full transcript along, with printable + digital resources to supplement this episode, can be found at MusicStudioStartup.com/episode164.

💻📈Tax Insights Workshop: Making Sense of Your Tax Return

Thur. April 24 at 10am Central

👉Register Here

If you’ve ever thought about expanding from being a solo, independent teacher to hiring teachers and assumed your first step would be to rent a commercial space, think again.

Today’s guest shares how the studio she started with a few students in her living room eventually grew to serve 200 students and took over her family’s entire home.

A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode163.

Tax Insights Workshop

Thur. April 24 @ 10am Central

Sign up for that workshop at https://www.musicstudiostartup.com/taxinsights/.

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Business Finance for Music Teachers

With the MTNA conference right around the corner, we got Charles Harris, CPA back on the podcast to discuss tax deductions for business travel and attending conferences. We talk about common expenses associated with business travel, which ones are deductible and which ones aren’t.

We answer questions like:

• Are meals 100% deductible when I’m traveling?

• Can I deduct my plane ticket it I pay for it with points?

• If my family is traveling with me, can I deduct their travel expenses?

• If I book a local hotel for a staycation and teach a virtual lesson while I’m there, can I count it as a business trip?

A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode162.

FREE Webinar: Self-Employment Tax Crash Course

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Tax help for music teachers: MSS Tax + Accounting Services

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