Sunlight Tax

In today's episode, I'm explaining and going into detail about receipts and bookkeeping for self-employed creatives, including why keeping receipts is important and how you can keep yourself organized for tax season. 

Listen to this important episode to learn more about when you need to keep receipts, where you can keep your receipts so you have them ready if needed and some of the common deductions you can take. 

Also mentioned in today's episode: 

• Should you be sorting your receipts? 9:30

• Should you worry about being audited? 13:45

• How you can organize your receipts to make it easier 20:20

• Why you need to separate your business and personal finances 22:05

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

Episodes mentioned: 

Respect Your Work, Then Get Organized

Links:

https://www.sunlighttax.com/podcastguide

https://www.sunlighttax.com/openhouse 

https://www.sunlighttax.com/moneybootcampimpact

Today, I'm chatting about the importance of filing 1099 forms if you're self-employed. I'm explaining who needs to file a 1099, how to file the form correctly and the deadline you need to file by to make sure you avoid any penalties.

Join me in this important and timely episode to learn about filing your 1099, whether you fit into an exception and how you can track your payments for easier filing. 

Also mentioned in today's episode: 

• Why issuing 1099s is so important and the penalties associated with skipping it 3:07

• When you don't need to issue a 1099 8:57

• Using a third-party payment processor 12:25

• Practical tips for obtaining a w9 form 18:57

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

Links:

https://www.sunlighttax.com/moneybootcampimpact

I'm having an open house to answer all your questions about Money Bootcamp. If you're curious about it, and curious how it could help you, this is just for open questions about the program. There is no presentation. I will do a brief behind-the-scenes tour, so you can see inside. Ask me anything you want about the program. Does it work? Will it work for me? Does it cover X, Y Z scenario or topic, etc. Examples of people who've had a good experience, what made that happen, etc. Note: this is not a place for your tax questions or to get a free answer to a tax issue from me. That is a paid service that I offer, and that is available at ½ price to every member of Bootcamp, and I welcome those in the appropriate setting. But it is not for this open house (unless the question is because you are specifically in need of clarifying if the program is designed for your situation or not.) Good for: - If you're curious about the program - If you'd love to see what it looks like on the inside - If you feel shy about asking me about it, but want to hear other people ask questions. - If you want to ask me a private question in the chat - If you want to give your spouse a chance to get to know the program you're considering.

Link to register for the open house:

Today, I want to talk about the importance of believing in your work and why it's so important for creative professionals to know the value of their work in this world. I'm sharing with you some personal examples of how artwork can have a profound impact on others. 

Join me in this episode, to learn more about how you can start taking your creative career more seriously and why you need to start treating it like a job other than a hobby. 

Also mentioned in today's episode: 

• The value of creative work 6:15

• Reflect on your values and priorities 10:30

• Taking your bookkeeping and your business more seriously 14:32

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

Episodes Mentioned:

New Rules for LLCs: How The Corporate Transparency Act Affects You

Links:

Matt Phillips https://www.instagram.com/themattphillips?igsh=NmU4eGljNjd1M2po

Luster hustler ceramics for self love

https://www.instagram.com/luster_hustler?igsh=dXBlcGtrZXc1N3Rx 

This week on the podcast, I'm giving you a checklist so you can get organized for this upcoming tax season once January comes and sharing some of my biggest tips for tax organization and planning. 

Join me today to learn the action steps you can take to get a head start on your taxes and finances at the start of the year instead of waiting until the last minute. 

Also mentioned in today's episode: 

• Business mileage 2:54

• Should you have a physical or digital folder of your tax records 5:42

• Why you need a separate business bank account 10:08

• Do you need to keep your receipts? 12:05

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

Links:

FREE LIVE CLASS 

Make Taxes Easier and Stash an Extra $130k in Your Savings:

https://go.sunlighttax.com/free

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