Sumo

Collapse

Announcement

Collapse
No announcement yet.

Tax Issues from Pow Wow winnings

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Tax Issues from Pow Wow winnings

    Heard lots of issues lately about problems with taxes because of Pow Wow earnings especially drum groups.

    Has any drum out there formed themselves as an LLC? That would allow them to have the group hold the tax liability instead of just 1 person.

    Or how are you handling the tax issues?
    New to the site--Introduce Yourself

    Find a Pow Wow Near You!

  • #2
    Paul,

    What's an LLC?
    Powwows will continue to evolve in many directions. It is inevitable.

    Comment


    • #3
      Originally posted by WhoMe View Post
      Paul,

      What's an LLC?
      Limited liability company - Wikipedia, the free encyclopedia

      Limited Liability Company
      New to the site--Introduce Yourself

      Find a Pow Wow Near You!

      Comment


      • #4
        Ya those taxes hurt.
        An LLC is one option, could also do an S-Corp (closely held corporation) or get incorporated, which has kind of strange ring to it "and up next on the rotation Maza Ska Inc."
        Taxes still gotta get paid though. One thing with setting up legal business papers is that you can deduct things like mileage (which is around fifty cents a mile), hotel rooms, some meals, and costs for sticks and so on some of which you can deduct as an individual if you are reporting the drum income. But you end up being responsible for some other taxes like FICA (social security) and there are annual fees and paperwork, and all the singers then work for the company so they have to have 1099's.
        Depends on your drum and your situation if it would be worth it.

        Comment

        Join the online community forum celebrating Native American Culture, Pow Wows, tribes, music, art, and history.

        Related Topics

        Collapse

        • rpotts
          Tell me what you think
          by rpotts
          I've been considering starting a small home based business catering to drum groups - particularily those that hit the pow wow trail hard. I would act as their Agent/Secretary and coordinate their host/invited appearances with the host pow wow committee, travel arrangements, be their contact person for...
          09-30-2004, 04:05 PM
        • WhoMe
          Drum turn offs
          by WhoMe
          Lots of good drums have come and gone. Lots of you are singers who have sung with different drum groups.

          What are some of the main reasons why you won't sing with a certain drum anymore???
          03-15-2011, 03:06 PM
        • took a look
          How to make a quality hand drum
          by took a look
          How to make a quality hand drum

          The drum has been significant to all native nations for thousands of years. It is a sacred item. The drum is man's connection to the earth, and symbolizes the life force of creation.
          For centuries the drum has been used to amplify the voice and...
          02-25-2002, 09:02 AM
        • hobbs49
          Caring for Drum Heads
          by hobbs49
          This may seem like an offbeat question, but here goes. I was noticing the other day while sitting in with some guys singing that the drum head had a couple of areas where the hide (buffalo I think) was looking like it had some spidery surface cracks. When I ran my hand over it, I could feel some of...
          02-13-2007, 06:22 PM
        • Paul G
          Pow Wow Calendar and Resources Upgrade
          by Paul G
          We are working on an upgrade to the calendar and resources sections of PowWows.com.

          http://www.powwows.com/calendar

          http://www.powwows.com/resource/search.php

          This includes the Pow Wow Calendar, Drum Group database, MC's, Arena Directors, etc.
          ...
          09-23-2008, 10:50 AM

        Trending

        Collapse

        There are no results that meet this criteria.

        Sidebar Ad

        Collapse
        Working...
        X