Finance


Tuition & Fees

In the Spotlight: The Why, What and How of Diversifying Income (Open Access)

How many times have you been advised “don’t put all your eggs in one basket” or told that “variety is the spice of life?” My tuition fees are part of my overall income “pie,” but other slices include a church position, adjunct collegiate teaching, accompanying and speaking engagements. How many ways can you divide the pie? And why should you?

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In the Spotlight: Step-by-Step Guide to Launching a Diversified Revenue Stream (Open Access)

Diversifying revenue through coaching or other professional services, such as marketing consulting, website design or social media engagement, creates a sustainable business model for long-term success. Get started with seven proven steps.

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Recordkeeping

Technology Tips and Tools: Learn the Best Ways to Save Money, Track Your Income/Expenses and Get Paid in 2022 (Open Access)

Check out some of our favorite tools for getting paid, tracking mileage, managing expenses and even saving money in 2022.

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Technology Tips and Tools: The Best Music Studio Management Applications for Music Teachers

Gone are the days of keeping track of financial records in a written ledger. Not only are there valuable accounting apps, we now have online programs developed specifically for music teachers to assist with registrations, auto invoicing, scheduling lessons, payment reminders, communications with parents/students and more. Here are four excellent programs worth considering.

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Fundraising/grants

Top Five Ways to Fund a Start-Up Business (Open Access)

The business aspects of starting your teaching studio can feel like a daunting task. Teaching materials, technology, piano upkeep, accounting and organizational software—all of these initial needs cost money and prevent many teachers from taking the first critical step towards opening their own studios. The good news is that there are many ways to gather the funds you need to start your business without breaking your bank.

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How Do I Fund Thee? Let Me Count the Ways

Fundraising is not an Elizabethan tragedy. Successful fundraising is a concrete plan of action with specific, targeted and diversified activities. Fundraising can be undertaken by a Collegiate Chapter, a non-profit organization, an individual teacher or performer—anyone! Let's count the ways!

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Taxes

Legal Landscape: Taxes for Small Business Owners (Including Independent Music Studios/Schools) (Open Access)

As a tax preparer and enrolled agent, I am asked quite often about taxes related to small businesses. Here are some of the most frequent questions that I’m asked pertaining to small business owner taxes.

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From a CPA’s Perspective: Top 5 Ways to Prepare Your Records for a CPA

Nervous about your taxes? See the Top 5 recommendations from a CPA/piano teacher on ways to prepare your records for your tax return.

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Insurance

Legal Landscape:
Business Insurance 101 for Music Teachers, Part 3  (Open Access)

Insurance is an essential part of running any business. This four-part series series takes a deeper look at insurance for music teachers. In this issue, Part 3 continues with a focus on professional indemnity and sexual abuse and molestation insurance.

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Legal Landscape:
Business Insurance 101 for Music Teachers, Part 2

Insurance is an essential part of running any business. A four-part series of articles debuted in the previous Digest to take a deeper look at insurance for music teachers. In this issue, Part 2 continues with a focus on general liability insurance and will also touch on workers’ compensation for studios/schools who have employees and commercial umbrellas for teachers who carry commercial leases.

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Retirement Planning

In the Spotlight: Financial Planning for Music Teachers at Different Stages of Life (Open Access)

Navigating the landscape of financial planning is an essential aspect of a music teacher’s professional journey, characterized by self-employment, limited working hours and irregular income streams. When and why should a music teacher engage in financial planning?

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Top Five: Five Things Every Freelancer Needs to Know About Finance (Including Teachers!)

Independent music teachers, owners of independent music schools, and free-lance performers can all feel overwhelmed by the challenges of short and long-term financial planning. At times, it can seem almost impossible to get out of debt or start saving for retirement. This Top 5 list highlights five important ways to strengthen one’s current and future financial health. …

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