Yoni Liani CPA’s Post

Ozzy Osbourne once said that rock music is not meant to be perfect and in my opinion, the same goes for business. Especially in my first venture, I felt: the craziness and unpredictability of rock and roll on daily basis. Now much older and wiser (and hopefully calmer?), the 4 pieces of advice I would give my younger self are: (1) Don’t forget the tax man - sounds simple, but as a new business owner it’s easy to forget. (2) Create a solid structure for the business to make sure you have a business that is stable and scalable. (3) Be clear on what your purpose is (why you are creating your business) - this helps when that craziness and unpredictability kicks in. It keeps you somewhat grounded. (4) Pay as much as you possibly can for your accountants and lawyers (especially when you're in the entertainment industry and you're dealing with such big sums of money for a seasonal business in such a short space of time). I learnt the hard was that ‘a poor man pays twice’. What would you tell your younger self that you still consider to be rockstar advice for where you’re at today?

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸’𝘀 𝗧𝗵𝗲𝗺𝗲: 𝗕𝗮𝘀𝗶𝘀 𝗣𝗲𝗿𝗶𝗼𝗱 𝗥𝗲𝗳𝗼𝗿𝗺 Following up on our last post - if there’s one step you should take to prepare, it’s this: 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗛𝗠𝗥𝗖 𝘁𝗼 𝗿𝗲𝗾𝘂𝗲𝘀𝘁 𝘆𝗼𝘂𝗿 𝗼𝘃𝗲𝗿𝗹𝗮𝗽 𝗽𝗿𝗼𝗳𝗶𝘁 𝗳𝗶𝗴𝘂𝗿𝗲! This is key for getting ahead with your tax return and making sure there are no surprises. 👀 Use HMRC’s form: (https://lnkd.in/dnDbVzDe) to make the request. Keep in mind, they’re not exactly known for speedy responses, so the sooner, the better! Once that’s sorted, you’ll be in a great spot to handle the rest of your prep. #basisperiodreform #freelancemusicians #hmrc #taxprep #overlaprelief #musiciantax #thebusinessofmusic #musicianstaxadvisor

Ah, Tax Day, the one day of the year when we all become amateur accountants and contemplate the meaning of life as we fill out forms and double-check our deductions. It's like a financial rollercoaster ride, with more twists and turns than a soap opera plot. So grab your calculator, summon your sense of humor, and let's tackle those taxes with a smile (or at least a grimace that slightly resembles one)! #TaxDay #livelifewevegotthis

Practice! The only thing that separates you from someone else is the amount of practice. Great musicians? They've practiced more. Financial gurus? They've practiced more. You can achieve anything you want to as long as you're willing to practice! Want to build your savings? Practice living below your means. Want to be debt free? Practice debt stacking or snowballing. Want to become financially independent? Practice investing over a long period of time. Want to leave a legacy for your family? Practice building a business. No matter what it is you want in life, all it takes is practice! #practice #money #music #musician #finance #discipline #work #motivation #business #moneymusesofamusician

We constantly get asked this same question by our clients. Are club dues deductible? Based on IRS regulations, they are generally not deductible if the organization's principal purpose is to conduct entertainment activities for its members. However there are exceptions if the organization's principal purpose aligns with civic and public service rather than entertainment. It is also important to ensure that any dues claimed as deductions meet the “ordinary and necessary business purpose” criteria set forth by the IRS.

Did you know that many production companies are missing out on Theatre Tax Relief? Make sure you’re not one of them! 🎭 Our quick guide breaks down the benefits and eligibility rules, making it easy for you to understand and claim this valuable incentive. 🔗 https://lnkd.in/eBmYxpg3 #TheatreTaxRelief #PerformingArts #AtekAccounting #TaxSavings #CreativeInvestment #TheatreIndustry

🪄👨🏻🦰🚂 Ron Weasley’s Loss to HMRC This UK tax case about whether a related party receipt is capital or revenue might be pretty boring if it wasn’t about Harry Potter character, Ron Weasley. ❓The case was about whether a payment of £4.5M from his controlled company was capital (taxed at 10%) or income (taxed at 52%). ❌ Turns out it was the latter. 📺 The payment was funded by residuals from DVD sales, streaming rights and syndication. 🎬 The payment was found to have “derived substantially the whole of its value from the activities of Mr. Grint”, hence being income. 🔙 The case was for the 2011-12 tax year. 🧙 Crazy to think that in the first movie in 2001 he was only 11! #taxlaw #internationaltax #transferpricing #taxlitigation

An update on this story. I have received a letter from Peter, Lord Hendy of Richmond Hill, the Minister of State for Rail, responding to a letter the Payment Choice Alliance sent the Secretary of State for Transport. The letter includes this excellent news for the public in Kent. “However, we expect operators to conduct an equality impact assessment when making decisions on charging and payment methods at the car parks they manage to best consider and mitigate any impacts on passengers. We understand that Southeastern Trains (SET) is planning to make changes regarding how customers can pay for parking at a number of its stations. These changes were planned to be implemented imminently; however, SET has now postponed the changes to cashless car parking methods while customer feedback is reviewed. SET is working to increase the number of options available to help everyone continue to pay for their parking and will keep customers fully informed of any future changes to car parking charges.” In short, Southeastern Railway will NOT now be introducing “cashless” to 45 Railway Station Car Parks in Kent. I would like to thank Joe Crossley at Kent Messenger and Anna Cookson at BBC Radio Kent for making sure this story was properly exposed - and I would also like to thank the new Labour Government for listening AND intervening to ensure Southeastern Railway must think again. I have made clear before that “cashless” will not survive the British publics refusal to accept its imposition. This news from Kent might be seen as a small acorn but, by the end of 2025, there will be a giant Oak Tree - the will of the British public - completely and permanently blocking the route to the awful “cashless society”. We stand four square with the British public. Payment Choice Alliance

THE HORSEMAN: WELCOME TO FLORESPARK // THE RIPPAVERSE Short Review by: B. L. Blankenship (Ignis Dei) I read, watch, & listen to what interests me. Sometime back, for personal/marketing reasons I'd read The Rippaverse's ALPHACORE #1. It was their first publication by Chuck Dixon & Joe Bennett. Like many Marvel Entertainment, DC Comics, etc properties it was unmercifully & unjustifiably attacked to the degree that it'd destroyed any credibility that it's detractors might have had from being so far off the mark. After confronting them with the fact that the story was solid & the book was okay – some back stepped & then said, "It is the best book that Rippaverse has put out yet." Like middle school children, many unhinged pious YouTuber/Twitter idiots claim that everything that everyone – excluding them & their little clique sucks. The fact is that Eric July has risen to the level that people rightfully call him the STAN LEE of indie comics. Their aestheic is on par with many big name publishers. He hired some known names/talent to further their credibility & they're holding their own. Just like how Bill Gaither in Gospel Music devastates sales of many secular artists – though it isn't traced the same – The Rippaverse brings it at a level that they freely. THE HORSEMAN preorder campaign made over $800k. The story is excellent. This is a stand alone comic. It begins with things falling apart in the city of Dresher – where THE HORSEMAN is a vigilante who has crossed the wrong people. He then leaves with his sister & nephew to Florespark, Tx – the center of the RIPPAVERSE world. The remainder of the comic – up unto the end – takes place there. There is a lot of gun violence, killing, criminal underworld, dirty cops, etc. Moreover, this comic also has ALPHACORE perfectly implemented in it. As fans might imagine, Michael & Lilian make a cameo in it towards the end – essentially (for those who don't know) Michael is sort of like the Lex Luthor/Kingpin-type villain in Florespark, Tx. Lilian is his woman. They both have some sort of superpowers too, but what they do tends to stay in the shadows & they cover their tracks. RIPPAVERSE constantly builds & hints towards possible face-offs with them directly. This vigilante book was quite good. THE HORSEMAN makes money by robbing bad guys. He's ex-military. A lot of people are excited about the animated movie they're going to make with DEAN CAIN voicing THE HORSEMAN. This was a good, smooth read. The pacing, action, & story were excellent. While I'm certain that certain people will knit-pick it – this book is notable a win & worth reading. They landed it. If I were them, I'd totally ride this wave, perhaps make a prequel & expand on the city of Dresher. Seriously, I liked this book quite a lot. CBR WRITER: Chuck Dixon ARTIST: Joe Bennett INKER: Fabio Janson COLORIST: J. Brown LETTERER: Invisible Art Studio EDITORAL: Eric July, Jen & Sylvia Soska, Caanan White, Andrew Rodriguez

Don't let the Taxman take it all! It's not too late to make sure your financial data is accurate and up to date in QuickBooks Online for 2024. Would it be a good idea to have a Certified QuickBooks Online ProAdvisor review and clean up your books? Let's connect.