Teaching private Music lessons

[mm330]

I am starting to teach private music lessons. How should I plan for taxes with this income? What should I plan on putting aside each month to cover for my tax expenses come next tax season? 

[Jackstar221]

Hi,

For teaching music lessons, you can report the revenue and expenses on schedule C of the 1040 personal tax return, which is reported in the self-employment income and expenses section within the wages & income section of TurboTax.

Here are some business-related deductions for teaching music:

1.Membership fees.

2.Professional services (legal)

3.Instruments 

 You might need to pay estimated tax payments based upon your expected income flow.

Just so you are aware,  you will have regular income tax as well as self-employment taxes.

Here is a helpful TurboTax link on the self-employment tax:

https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4