We'll frequently provide you with bookkeeping updates tailored to the needs of choreographers. Do you have immediate questions that demand quick responses? You can rely on us to get back to you in one business day or less.
Our platform provides choreographers with the tools to streamline their financial data from top providers, helping to prevent common errors. By partnering with well-known merchants such as Gusto, Stripe, Shopify, and Square, we ensure your financial records are always precise and up-to-date.
Wave farewell to mounds of hard-to-manage scripts and hours of manual logistics tracking—we automate inputs directly from linked accounts. Gain insights from one central dashboard to easily comprehend the health of your choreography business and make strategic decisions.
DR. BUKKY KOLAWOLE
As a choreographer, there are several expenses you can deduct on your tax return. These include:
- Home office expenses, if you use a part of your house exclusively for your choreography business.
- Travel expenses for auditions, rehearsals or performances.
- The cost of dancewear, costumes, props, and makeup used for your job.
- Fees for professional memberships, such as to a dancers' guild or an entertainment union.
- Cost of continuing education or training related to your profession.
- Cost of marketing materials like business cards or a professional website.
- Legal and professional fees, including bookkeeping and accounting expenses.
Remember, deductions must be directly related to your choreography business and you must have proper documentation for each expense should the IRS request it. It's always a good idea to consult with a tax professional to ensure you're maximizing your deductions while staying within the law.
A wise way to handle bookkeeping for payments received from choreography sessions is to account each payment as revenue within your financial accounting system. You can use accounting software to track all these transactions. Timing can vary based on each transaction. Income should be recorded when the choreography job is finished, or according to the terms of your agreement with your clients. In addition to tracking revenue, it's also crucial to manage your expenses related to your choreography sessions, like renting a dance studio, advertisement costs, and any props or costumes required. It's advisable to use a separate bank account for your choreography business to keep personal and business transactions separate. A certified bookkeeper can assist in managing these financial records effectively.
Yes, there are specific bookkeeping advice for choreographers, especially when it comes to managing income from various dance projects. The fluctuating income, unique tax deductions, and varying rates for different projects can make financial management quite complex for choreographers.
One of the most crucial pieces of advice is to track all income diligently. Ensure all income from various dance projects is accounted for accurately in your books. This includes not only payments for choreography work but also residual income from past projects.
A reliable bookkeeping service also helps you identify unique deductions you may qualify for, such as costume expenses or travel costs to and from rehearsal spaces. Such deductions can significantly reduce your tax liability.
Pricing your choreography services accurately is also vital. Understanding your market value and reflecting that in your rates ensures the financial sustainability of your choreography career.
However, as each case is different, you should always seek the advice of a professional bookkeeper or accountant who understands the unique challenges of managing finances in the arts, including choreography.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.