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Happy winter! ❄️
January may feel like a slower time of year, but for tax season, it’s time to gear up! Start with the Spotlight article in this issue—“Records, Receipts and Write-offs: Taxes Made Simple for Music Teachers.” Then check out the Top 5 segment focusing on essential numbers to know in your business. Resource Gems brings you online calculator tools to support various financial tasks. And the Life-Work Balance segment features an updated article on “The Best Music Studio Management Applications for Music Teachers.” Everything you need to manage and conquer tax season is here!
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January is also a great time to take stock of your own well-being, including professional development. Investing in yourself is priceless. Read more about the value of attending a national conference.
I’m looking forward to attending my 29th consecutive MTNA National Conference in Minneapolis (March 15–19), especially the many business sessions. The schedule includes sessions about grant writing, marketing in our digital age, launching your own music school, forging a professional identity, saving for retirement and more! On Tuesday, the MTNA Business Network team is presenting “Five Essential Business Questions to Never Stop Asking.”
Click here for tips on how to afford a national conference.
Hope to see you in Minneapolis!
Karen Thickstun, NCTM
MTNA Business Resources Coordinator
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In the Spotlight
Records, Receipts and Write-Offs: Taxes Made Simple for Music Teachers
Ashley Danyew
You may not have set out to start a business when you started teaching music. But when you’re self-employed—even if it’s only part-time—that’s exactly what you’re doing. And managing the financial side of things (bookkeeping, tracking receipts, paying taxes, managing write-offs and more) is key to keeping your business on track. Read more.
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Life-Work Balance
The Best Music Studio Management Applications for Music Teachers
Davis Dorrough, NCTM
In addition to online accounting programs (such as Quicken and QuickBooks), there are also programs designed specifically for music teachers that can assist with studio management (including student registration, auto invoicing, lesson scheduling, payment reminders, communication with parents/students and more). Here are four excellent programs. Read more.
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Top Five
5 Numbers to Know in Your Business
Andrea Miller
Business finance experts have countless metrics and complex ratios for tracking a business’s performance and financial health. But for the busy studio, a few studio metrics stand out because they strike a balance between simplicity and usefulness. Read more.
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Legal Landscape
The Difference between an Independent Contractor and an Employee
Karen Thickstun, NCTM
When you work for someone else, whether teaching at a community arts school, or apprenticing with a home studio teacher, or collaborating with multiple teachers at an academy or music store, you are being hired as either an employee or independent contractor. Why should you care which one? Read more.
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Resource Gems
Financial Calculator Tools for the Studio Music Teacher
Tim Stephenson
| Finances, taxes and rates, oh my! For many teachers, the financial aspects of running a private studio can be daunting, but we are lucky to live in an age when so many essential, yet simple, tools are available with just the click of a button. Read more. | |
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Looking for a Good Read?
How I Made $100,000 My First Year as a Piano Teacher and The Mindset of a $100,000 Piano Teacher by Kristin Yost
Davis Dorrough, NCTM
Kristin Yost has long been a trailblazer in the world of independent piano teaching, offering innovative strategies for teachers seeking not only financial success but also personal fulfillment in their careers. Read more.
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Ask Us Anything!
MTNA Business Network
Welcome to this new segment, designed to meet your needs! This issue’s question comes from a recent graduate who started an independent studio in Indiana: “I expect to earn less than $10,000 from my home studio this year, which is less than the standard deduction. Do I need to file a tax return?” Read more.
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Heads Up
Key dates referenced in this issue:
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March 15–19, 2025: MTNA National Conference in Minneapolis. Meet some of the MTNA Business Digest authors in-person! We’ll present a session called “Five Essential Business Questions to Never Stop Asking” on Tuesday at 2:15 p.m. And stop by the Business Resources table in the hotel lobby to “Ask Us Anything!” Hope to see you in Minneapolis!
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Would you like to contribute to the MTNA Business Digest? Contact Karen Thickstun at mtnanet@mtna.org with any ideas or questions you may have. We’d love to hear from you! Guidelines for submission
We invite you to share the MTNA Business Digest as a resource for the readers of your local or state newsletter, blog, website, webpage or on social media. Digest archives can be found by clicking here.
MTNA offers its sincere thanks to all those who contributed their insights, knowledge and experience in this issue of the MTNA Business Digest.
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Music Teachers National Association
600 Vine St., Ste. 1710
Cincinnati, OH 45202
Phone: (513) 421-1420 or (888) 512-5278
mtnanet@mtna.org
www.mtna.org
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