Tune in to this episode for some vital business and tax advice from James Harnsberger, the CEO of Innovative Tax and Wealth Strategies in San Diego, CA. Over the years, James has helped major recording studios, freelance artists, and bands develop goal-setting strategies to make money. James is extremely passionate about helping us make money, keep the money we make, and manage it cleverly to improve our financial lives.
In this episode, we also sit down with Rich Cook, a successful photographer that has toured with musicians like The Killers, P.O.D., Foo Fighters, REM, Stone Temple Pilots, and Blink 182. He shares his own money-management challenges with us, and tells us how James helped him transform his beliefs about money. We are also joined by the founder and managing partner of Signature Sound Studios, Luis Arteaga. Luis lends us an interesting perspective as a long time successful studio owner. Throughout the episode, we discuss valuable details of business and tax law, including the importance of a business plan, time management tips, and understanding your tax return. We also cover new and important information about audits, how tax organizations are collecting data in the digital age, retirement considerations for freelancers, worker classification in the studio world, and important details on equipment purchases and depreciation. This episode doesn’t solely cover IRS and US specific content, so don’t worry if you’re viewing from abroad; we cover information that’s relevant to you! This episode has a wealth of essential information, so don’t miss it!