Do you keep reciepts? A guitar pick here, microphone there, sweet talked a venue’s booking agent over lunch, paid someone to make your band’s flyers… These all may be tax deductible. The mileage you’ve put on your car going to gigs, your phone bill and more.
But first things first. Keep all of your receipts! Go look through the car, through your bedroom, pants pockets, everything. Find them all. Second, talk to an accountant! There are Certified Public Accountants (CPAs) in your area. They’re other clients may be larger businesses in the area or the Mom and Pop shop down the street. They’ll usually be able to advise you on the best course of action as far as what and how to file.
Have you thought of making your band a corporation? Any and all tax deductions that you can get, take advantage of them!. That is money back in your pocket to put back into better music equipment or the gas tank of the band bus or whatever else! A small warning, any equipment declared for business use may be subject to yearly taxation by your local government.