This week, I’m sharing a year-end review of past episodes from 2023 that covered new tax laws and legislation so you can be prepared when it comes to your business finances as we approach the tax season and year end.  

Join me in this episode to get a recap of any new laws or tax credits that could impact you and your finances in 2024.  

Also mentioned in today’s episode: 

• The Corporate Transparency Act 2:22 

• An update on contribution limits for tax advantaged accounts 4:26

• Secure 2.0 Act 5:06

• Tax laws and charitable donations 6:55

• Medical expense deductions 10:36

If you enjoyed this episode, please rate, review and share it! 

Links:

Episodes Mentioned:

• FU Money For the People

• The New Student Loan Forgiveness 

• Here is my handout from my video module for this inside Money Bootcamp

• Taxes, Democracy, and the Largest Climate Bill in US History

• Donating Your Work is Not a Charitable Deduction

• How to Stash More FU Money: The Secure 2.0 Act Expands Your Retirement-Funding Options

• Medical Expense Deductions: When It’s Worth Tracking & How

 Itemizing vs Business Deductions: Clearing Up the Confusion

As we approach the end of 2023, I want to talk about end of year tax planning and some strategies on how to avoid a cash crunch in April when your tax bills are due. I’m giving you some budgeting and accounting tips that can potentially lower your taxable income. 

Join me in this episode to get some valuable insight on staying ahead of your taxes so you can avoid a big bill when the tax deadline comes. 

Also mentioned in today’s episode: 

• Accelerating purchases and decelerating income before year end to minimize your taxes 3:40

• Strategic spending before the year ends 5:20

• Why quarterly taxes as an entrepreneur are so important 9:50

If you enjoyed this episode, please rate, review and share it! 

Links:

Free Class: https://go.sunlighttax.com/register 

In today's episode, I want to talk about a new law that goes into effect in January of 2024 and affects small business owners with an LLC: The Corporate Transparency Act.

Join me in this important episode to learn more about this law, why it’s actually a good thing and how you can comply to avoid fines. 

Also mentioned in today’s episode: 

• What is the Corporate Transparency Act and why is it a good thing? 2:25 

• Who needs to comply with this law 5:09

• New York State and their own version of this law 9:22

• When to file and how it effects new LLC’s 13:02

If you enjoyed this episode, please rate, review and share it! 

Links:

https://www.sunlighttax.com/openhouse

Has calculating your income tax rate in the past been overwhelming?

Today, I’m going into detail about income tax rates and helping you understand what the income tax rates are so you can be prepared when it comes time to file your quarterly taxes as a creative entrepreneur. 

Join me in this episode to hear some tips on estimating your income tax rate and how you can avoid errors when calculating your income tax. 

Also mentioned in today’s episode: 

• Why calculating income tax rates is so complex 3:50

• The graduated income tax system 7:15

• Marginal vs average tax rates 14:30

• The importance of using an online tax calculator 18:50

If you enjoyed this episode, please rate, review and share it! 

Links:

https://www.sunlighttax.com/openhouse

On today’s episode, I’m talking about an important topic that I’m very passionate about: saving for retirement. I’m sharing why it’s so important to make sure you contribute to your retirement, how it can help you become a millionaire and some important facts you should know. 

Join me to learn about saving for your retirement and some of the benefits you can get by starting today. 

Also mentioned in today’s episode: 

• Why it’s so important to save for retirement 5:09

• Updated contribution thresholds 7:00

• Some of the benefits of tax advantaged retirement accounts 7:30

• Why credits are so much more powerful than deductions 15:00

If you enjoyed this episode, please rate, review and share it! 

Links:

My Gusto affiliate link for $100 off my favorite payroll software

Free class to see the tax-shelter math

As we approach the upcoming holiday season, I wanted to chat about an important topic that comes up often: donating your artwork to a charitable organization and what that means for your taxes. 

Join me today in this important episode as I explain what donating your artwork to charity means during tax time and why nonprofits need to be aware of the tax implications of charitable donations for artists. I also give you some tips on how you can still be charitable without feeling exploited. 

Also mentioned in today’s episode: 

• Donating your work to charity and the tax implications 1:38

• Deducting materials on your taxes 5:32

• How you can donate to charity without feeling exploited as an artist 6:58

• Why nonprofits need to be more transparent and ethical when asking for donations from artists 10:31

If you enjoyed this episode, please rate, review and share it! 

Links:

 El Anatsui: https://elanatsui.art/

Today, I’m sharing with you how you can set up your calendar for success as an entrepreneur so you never miss any tax deadlines and why it’s so important to have all of the important tax dates outlined. 

Join me in this episode to find out how you can grab my calendar filled with important tax dates so you can stay prepared for tax season!

Also mentioned in today’s episode: 

• The importance of tax deadlines 13:56

• Some of the most important deadlines you need to know 19:00

• How you can get my free tax nudge calendar 22:02

If you enjoyed this episode, please rate, review and share it! 

Links:

Register for the free class "Make Taxes Easier and Stash an Extra $130k in Your Savings" : https://go.sunlighttax.com/free

Today, I’m sharing another article I wrote in 2017 for the art blog, Art F City, where I focus on the mindset and the attitude that you need to conquer your personal finances. 

Join me in this episode to learn more about how you can shift your mindset and adjust your attitude when it comes to money and prioritize your financial security. 

Also mentioned in today’s episode: 

• The importance of mindset when it comes to finances 1:37

• Spending less than you earn 3:20

• Why you should observe your spending habits 5:10

• How you can prioritize your financial security 7:11

If you enjoyed this episode, please rate, review and share it! 

Links:

https://go.sunlighttax.com/register

Today, I’m sharing an article I wrote where I give a practical financial overview and is a personal finance cheat sheet for anyone feeling overwhelmed with their finances and taxes. 

Listen to this episode to get some finance tips to help you feel more secure as an entrepreneur when it comes to your money.

Also mentioned in today’s episode: 

• Prioritizing debt repayment 5:52

• Why saving for retirement is so important 7:45

• Investing for long-term growth 11:23

If you enjoyed this episode, please rate, review and share it! 

Links:

https://go.sunlighttax.com/register

Are you an entrepreneur who has wondered if it’s time for you to form an LLC or an S Corp?

Today, I’m going over the business order of operations and why it’s so important to focus on the next level of your business instead of planning far ahead so you don’t waste valuable time and money. 

Join me in this important episode as I go over some of the important steps in entrepreneurship and when you might want to consider taking the leap. 

Also mentioned in today’s episode: 

• LLC as liability protection and do you need liability insurance? 4:22

• The importance of bookkeeping with Schedule C 8:50 

• S Corporations and taxes 12:42

If you enjoyed this episode, please rate, review and share it! 

Links:

Visit my opening at the Tracey Morgan Gallary November 3rd

http://www.traceymorgangallery.com/