Congratulations! I'm looking forward to hearing your album. The most important thing to do first is getting all your documents together. You will be able to claim all the expenses. If your income is less than your expenses they will carryover to the next year. Therefore, when you make a lot of money when your album goes gold you will have carryover losses to offset the income in future years. Make sure you have all the receipts. Seriously, this is the most important thing when running a business. If you are paying other people you will need to prepare 1099's for them unless you paid a company. If you do need to prepare 1099's you can do this using Turbo Tax business. If you have purchased equipment you will enter them as assets, there is a section for this. At this point you do not need to create a new business. Good luck and Rock on!
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