The Sad Truth About The $150k Indie Artist Tax Credit | What The HITS Act REALLY Says

🟢 (Free PDF)  Sell Before You Stream Checklist: https://www.topmusicattorney.com/sellbeforeyoustreamchecklist  🟢 Free Case Evaluation: https://www.topmusicattorney.com/freecaseevaluation  🟠 Say Hi On IG https://instagram.com/topmusicattorney In this episode of the Top Music Attorney Podcast, Entertainment Attorney, Miss  discusses the newly passed HITS Act and what it really means for independent artists, producers, and music business owners. With headlines flying about a $150,000 tax break, there’s a lot of hype but also a lot of misunderstanding. Miss Krystle breaks down who this legislation actually benefits, how tax deductions for music production really work, and why most indie artists won’t see the windfall being promised online. 0:00 Introduction 00:10 $150,000 Tax Credit For Musicians From Big Beautiful Bill (HITS Acts) 00:31 Eligibility for $150,000 Tax Break 01:21 What Does The HITS Act Do? 01:48 Amortization 02:43 LLC vs. Sole Proprietorship 03:13 Business Expenses 04:03 Change In Amortization 04:36 Who Is This Benefitting 04:49 A2IM & Recording Academy's Reaction To The HITS Act 05:53 Section 181 Internal Revenue Code 06:25 How Much Did Your Last Album Cost You? 06:43 $150,000 Cap 07:00 What Costs Does The HIT Act Apply To? 07:18 HITS Act Does Not Apply To Major Record Labels 07:40 HITS Act Effect On Independent Musicians 08:30 Keep Track of Your Expenses Legal Disclaimer: The information, ideas, and suggestions in this video are not intended to be legal advice. Before following any suggestions contained in this video, you should consult your personal attorney. The speaker shall not be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestion in this video. Pursuant to the fair use doctrine under the 1978 Copyright Act, a copyrighted work owned by another may be used for criticism, commentary, news reporting, and educational purposes. The use of the livestream contained in this video falls within the fair use doctrine. ------------------------------------------------------------------------------------ 🟡Become Your Own Record Label: https://www.topmusicattorney.com/becomeyourownrecordlabel 💻 #1 Resource For Artists And Producers: https://www.topmusicattorney.com ⚖ Hire An Attorney: https://www.delgadoentertainmentlaw.com 📺 Get Your Music Into Tv/Film/Games: https://www.topmusicattorney.com/sync 📰 Get My Newsletter: https://www.topmusicattorney.com/newsletter/ 📄 Music Contracts: https://www.topmusicattorney.com/music-contracts 🎧 Listen To The TMA Podcast On All Streaming: https://www.topmusicattorney.com/podcast 🟢  Free Stuff: https://www.topmusicattorney.com/free-stuff  Miss Krystle Artist Links: https://www.misskrystle.com ------------------------------------------------------------------------------------ TOP MUSIC ATTORNEY SOCIALS Links: https://www.topmusicattorney.com/links Website: https://topmusicattorney.com/ Instagram: https://www.instagram.com/topmusicattorney/ Tik Tok: https://www.tiktok.com/@topmusicattorney Facebook: https://www.facebook.com/topmusicattorney Linkedin: https://www.linkedin.com/in/top-music-attorney-16405573/ MISS KRYSTLE SOCIALS Website: http://www.misskrystle.com/ Spotify: https://open.spotify.com/artist/1g6jAksCoujtcbg6zJpJ39 Instagram: https://www.instagram.com/misskrystlelive Tik Tok: https://www.tiktok.com/@misskrystlelive Facebook: https://www.facebook.com/MissKrystleLive Linkedin: https://www.linkedin.com/in/misskrystle/ Twitter: https://twitter.com/MissKrystlelive Website: http://www.misskrystle.com/ #TheHITSAct #IndieArtistTaxCredit #LawyerReacts