As a music teacher, we understand your schedule is filled with lessons, planning, and practicing. That's why Bench Accounting is here to consistently keep you updated on your bookkeeping status. If you have urgent queries that simply can't be put on hold, we promise to respond to you within one business day or less.
Our platform empowers you to automate data inputs from most major providers, eliminating the worry of common errors. We collaborate with merchants such as Gusto, Stripe, Shopify, and Square, ensuring your financial records as a music teacher are always accurate.
Say farewell to the mountains of sheet music and grueling task of manual financial tracking—we automate inputs directly from your linked accounts. Gain insights from a single consolidated dashboard so you can effortlessly comprehend the financial health of your music teaching business and make educated decisions.
DR. BUKKY KOLAWOLE
As a music teacher, you're entitled to several specific tax deductions. These may include:
- Home Office Deduction: If a portion of your home is used exclusively for teaching music, you may be able to claim a home office deduction.
- Professional Development: Courses, workshops, and seminars that polish your music teaching skills could be tax-deductible.
- Travel Expenses: If you have to travel to teach music, these expenses can usually be deducted.
- Supplies and Equipment: Instruments, sheet music, stands, and other necessary equipment for teaching could be tax-deductible.
Remember that tax laws can vary, so it's always a good idea to confirm your potential deductions with a tax professional or a bookkeeper.
Tracking and categorizing income from multiple sources is an essential part of managing your financial health. Here's how you can do it:
- Private Lessons: You can create a separate income category for this in your accounting software. Each time you receive payment for a lesson, record it under this category.
- School Contracts: These could be treated as another source of income. Track each school contract separately, especially if there are differences in the terms of payment.
- Performances: In this category, include income from concerts, recitals, or any other paid gigs. Keep track of each payment as it's received.
Utilizing professional bookkeeping services can help streamline the process even more, ensuring accurate record-keeping and reducing financial management stress.
Efficiently managing your bookkeeping as a self-employed music teacher involves following a few key steps:
- Track your income and expenses: Keep track of all sources of income, not just from teaching but any side gigs or performances. Similarly, record all expenses, including travel, purchase of instruments, sheet music, or any other professional resources.
- Separate your personal and professional expenses: Have a dedicated business account and credit card. This will simplify your bookkeeping and make it easier when tax time comes.
- Stay organized: Keep all receipts and documentations related to your business. Keep a digital record if possible, for easy accessibility.
- Plan for taxes: As a self-employed individual, you will need to spare some earnings for taxes. Start this planning early.
- Consider professional help: If managing the books becomes too complex, consider using a bookkeeping service. Bench Accounting offers personalized bookkeeping services that can help you maintain your books so you can focus on your passion for teaching music.
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.