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Rachel Stas is a CPA with over fifteen years of experience in accounting and tax services.
She holds both a Bachelor of Business Administration and a Master of Accountancy Degree from the University of Oklahoma. She has established herself as the go-to advisor in the small business and artist communities and regularly speaks to both about their taxes and best practices. Rachel prefers to be “in the mix” when dealing with clients, whether helping with questions about deductions for their tax returns or helping a new business establish a bookkeeping system.
Her goal is to minimize her client’s stress regarding bookkeeping and taxes so that they can focus on what they love!
What makes you uniquely qualified to discuss financial and artistic freedom for musicians?
I have worked with musicians and artists for over a decade as their tax accountant as well has the controller at a popular music venue for a bit. I have seen all sides of the music industry from being married to a touring musician and having family members that are managers and event coordinators. I understand the initial challenges and road blocks and artist can face and work to ease that stress as quickly and painlessly as possible.
What is a crazy-but-true fact about you?
I was in a car accident when I was in college that caused me to lose my short term memory for about six months.
Why is financial literacy among musicians important to you?
I think financial literacy is important for everyone! Everyone has the capability of understanding finances enough to not be taken advantage of. Having a husband and family members who have dealt with the industry having even a small grasp of where you are financially and where you want to go puts you had huge advantage over people who aren’t willing to put in the effort.
What is one piece of advice you would impart on the audience?
Taxes don’t go away. If you are behind catch up asap. The IRS knows if you have made money, the longer you wait to file the harder it is to find support for deductions. Ack, I have another one. While I don’t believe that anyone should pay more in taxes than they legally have to, don’t center your financial decisions solely on paying less in taxes, saving a dollar in taxes today could cost you five in the future. Make sure your long term goals are clearly stated to your CPA.
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Thanks for listening and keep thriving!