When it gets to the end of the year, there are a few things we songwriters need to work on. If you made a profit, great, but you might go through a few of your old instruments you aren't using and sell them off, try to tie up any loose ends that might keep you from getting royalty or other paychecks, and getting your tax receipts in one place. Sometimes, if you are the type that could use a few deductions, you might look into some quick things you need that could be written off your tax load, and maybe make a few investments that can be depreciated over the next few years. Here are a few other ideas you might consider, just to make it so you can start the New Year off fresh.
KEEP YOUR FAVORITE UNCLE HAPPY
Now is really a great time to start on your taxes. Start a filing system, at least by month, and, as you clean up for holiday visitors, take those receipts and other tax-related goodies and put them in one central place, or, if you have time, put them in your computer and/or ledgers to save time later. You might even find that you would be best served by taking some of your Christmas money and sending the IRS a check, or doing that repair on your amplifier or tune the piano and/or bring in a little more holiday cash by doing a few caroling gigs. Doing a little now can do a lot, especially if you find you are swamped with spring shows and competitions and run out of time to do your taxes by the deadline. Think of it as a present to yourself in less frazzled nerves in a few months.
WHAT DO YOU REALLY WANT FOR CHRISTMAS?
Sometimes, one of the best presents we can give to ourselves is by giving to others. Selling off or giving away musical equipment you aren't using not only gives you more cash for your music, but also gives you a chance to give another person your great goodie to someone else as a gift. If you can, too, look around at consignment shops for your used goodies for yourself or for gifts-some fellow musician could also probably use a little extra holiday change, and would appreciate it if you'd get something even in November, since some stores might not cut December sales checks to them until January. Some stores, too, are doing great deals right now, since they don't want to be stuck with inventory they will be taxed on after December 31st.
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