Text from Allegro (Current: Volume 114 No. 3 March, 2014)

TAX TIME!

Tax tips for musicians

Each year, as the tax season approaches, Allegro publishes these updated tax tips for musicians provided by Local 802’s accounting firm, Gould, Kobrick & Schlapp P.C.

OVERVIEW AND HIGHLIGHTS

The following outline focuses on aspects of the tax law that specifically affect musicians. For additional information on deductions, exemptions or filing status, see a tax advisor or visit www.irs.gov.

Here is a quick overview of some highlights for this tax year:

• There is a new top bracket of 39.6% that applies if taxable income exceeds $400,000 for single, $425,000 for heads of households, $450,000 for married filing jointly and qualifying widow(er), and $225,000 for married filing separately.
• Workers with wages and other compensation including net self-employment earning in excess of $250,000 married filing jointly, $125,000 married filing separately, or $200,000 single, head of house-hold or qualifying widow(er) are subject to the new 0.9% additional Medicare tax. This tax is calculated on Form 8959.

Read more here: http://www.local802afm.org/2014/03/tax-time-2/

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