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Making Money?
Making money from your music is so much fun! But it can also be a source of conflict within your band. It is a good idea to discuss the band's finances once a month so you all know where you stand. There usually is not enough to go around at the beginning, so you need to decide how you are going to divide your earnings. Equal money for equal work is the best way. If everyone does their fair share of work, this method works well. If someone slacks off, it is best to talk directly to the person instead of talking behind his or her back. Perhaps your band can decide on some 'slacker fines' to encourage everyone to do part of the work.
Save It for a Rainy Day
Early on, most bands take just a bit out of earnings to pay each band member; the rest goes into a band savings account that can be used to buy communal gear, pay for expenses and cover emergencies. For example, if the bass amp breaks down, the bass player can borrow from your savings so the band can play the next gig. Often there are expenses involved with a gig. You will need to take that money out of the band fund.
When your band has a name and an identity, start a bank account using your band name as an assumed business name. Decide who will be responsible for signing the band checks. Choose this person carefully - maybe a parent that you all respect, or the band member who is the most dependable, trustworthy, and reliable.
Dealing with Taxes
Check with your state's laws to see when you need to start paying taxes on your earnings. It is usually only after you each earn $1000 in a year. as a musician, you can deduct things from your taxes like money spent for travel, gear, and clothing. So, keep good records of what you spend - save all your receipts. It will save you a lot of money in the long run.
Watch Out for Sharks
The music business seems to have more than its share of sharks who prey on the inexperienced. The best way to make sure you get all the benefits of your hard work is to learn how to handle money yourself. This is one of the most important skills to learn in your music career. Once you start earning some real money, it would be great to find a friendly accountant or lawyer; or ask your parents for help. Your local musicians union will also have good financial information, plus a list of local music attorneys for specific questions. There are lots of good books, including Music Law, that will teach you what you need to know about the money side of music. There is plenty of money to be made in music, but it can vanish overnight if you do not know what you are doing. Too many great musicians have lost it all because they could not handle their money. Do not let it happen to you! Learn all you can, and when the time comes, hire professionals for the stuff that takes you away from making your music.