Sunlight Tax

Have you ever wondered what questions you should ask when you're hiring a new accountant?

Today, I'm explaining some of the biggest mistakes I see people make when they begin to work with an accountant and clarifying what you don't get when hiring an accountant. 

Listen to today's episode to learn how working with an accountant could work for your small business, some of the benefits and how you can make sure you pick the right one for you. 

Also mentioned in today's episode: 

• The disconnect between art and business 10:19

• Learning about new tax credits 14:14

• How to know which questions you should ask your new accountant 20:13

• Estimated quarterly taxes and why they are so important 24:42

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

Links:

Join the free live class, Understand Your Taxes and Make Money

In today's timely bonus episode, I am sharing some information on student loans, the new SAVE program and how this new program can help lower your payments and still lead to student loan forgiveness. 

Join me as I give you all the nitty-gritty details about your student loans including who qualifies for the SAVE program and how you can make sure you sign up for it to take advantage. 

Also mentioned in today's episode: 

• What's different about the SAVE program and what does it include? 3:33

• Forgiveness of your loan 8:00

• Who qualifies for the SAVE program 10:12

• What is the Fresh Start program? 18:00

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

Links:

Federal Student Aid website

Waitlist for Money Bootcamp

Today, I want to talk about 2 areas of the tax code where you can get more money as a deduction than you actually spent and how you can make the most of these deductions during tax season.

Join me in this episode to learn how you can maximize your tax deductions and get the most money in your pocket. 

Also mentioned in today's episode: 

• Tracking your mileage deduction 4:08

• The expense method vs. mileage method 8:31

• Standard vs. standardized per diems 16:33

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

Links:

And here are the links for the show notes for it:

Free visual tax deductions guide

MileIQ  Use code HCOL124A for a 20% discount

Per diem meals rate lookup

Today, I'm sharing an article I wrote about why it's so important to keep your personal and business bank accounts separate as an entrepreneur. I'm also sharing information about LLC's vs. a sole proprietorship and if having an LLC really changes anything during tax time. 

Join me in this episode to hear why mixing your personal and business accounts can hurt your business and to learn more about whether you should switch to an LLC.  

Also mentioned in today's episode: 

• LLC's and your taxes 1:09

• Why your personal and business accounts should be separated 2:19

• Can you operate as a sole proprietorship or do you need an LLC? 6:04

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

Links:

VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/

IRS 9 point list for hobby vs business

Today, I'm sharing important details about the Child and Dependent Care Tax Credit and how you can use it during the summer months when sending your children to summer camp. 

I'm also talking about the difference between a tax credit and a tax deduction and why a credit is more beneficial to the taxpayer. 

Join me in this episode to learn how you can take advantage of this tax credit and how it can apply to you. 

Also mentioned in today's episode: 

• What is the Child and Dependent Care Tax Credit? 1:00

• Tax credit vs. deduction 6:44

• What qualifies for this credit and how much can you claim? 9:56

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

Links:

VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/

Today, I'm sharing a civic oriented article I wrote back in 2018 that I hope will inspire you to get involved in your local politics and think more about why civic education is so important. 

Join me in this inspiring episode to learn a bit more about why it's so important to take a greater role in your local government and why I feel so passionate about advocating for tax education in this country. 

Also mentioned in today's episode: 

• Why local politics is so important 2:11

• Why is tax policy left out of civics? 6:23

• Lying from politicians about who pays taxes and why that's such an issue 10:43

• Tax education and why we need it 14:14

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

Links:

link to article: https://www.sunlighttax.com/blog/2019/3/27/tax-policy-should-be-part-of-our-basic-civic-education

link to podcast I reference, the Overlook podcast.

In this quick and easy episode, I'm talking about something practical you can do in just 15 minutes to make your life easier during tax time.  

Join me today to learn how you can do an easy paycheck checkup to prepare for tax season, avoid any surprise tax bills and ensure your withholding is at the right level. 

Also mentioned in today's episode: 

• Adjusting your taxes 2:20

• Finding your federal income tax rate 4:47

• Checking your withholdings 7:45

• Using the IRS to calculate your taxes 9:12

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

Links:

• Go to this link to do your Paycheck Checkup: Tax Withholding | Internal Revenue Service

• If you have ONLY self-employed income (no W2), you'll need to use this document. IRS Pub 505

• Or, the easier path is to join my program, Money Bootcamp, where I teach you how to set up simple bookkeeping, calculate your tax due each quarter, and pay your estimated quarterly taxes with accuracy and peace of mind.

Have you ever wondered what happens when you make a mistake on your taxes? 

In this episode, I'm talking about the most common mistakes people make when filing their taxes, how you can fix them and the basics of an amended tax return.  

Join me today to learn how you can easily amend your taxes when you accidentally make a mistake and when you can skip filing an amended return. 

Also mentioned in today's episode: 

• What is an amended tax return? 2:15

• Some of the most frequent mistakes made on taxes 4:35

• When you need to file an amended tax return 13:20

• Statute of limitations when it comes to filing a tax amendment 18:05

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

Links:

Where's my amended return?

Amended tax return instructions

Visual Guide to Your Tax Deductions

Today, I'm sharing some tax basics and diving into tax schedules including what tax schedules are and why they exist. I'm also diving into capital gains, itemized deductions and self employment tax. 

Join me in this informative episode to learn more about how tax schedules work, how they relate to you and how you can use this information during tax season to make your life easier. 

Also mentioned in today's episode: 

• The basic structure of a tax return 3:57

• What are schedules and why do they exist 7:14

• Itemized deductions 10:17

• Capital gains 19:30

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

Links:

Free visual deductions guide

Capital gains rate chart

Medical Deductions episode: https://pod.link/1640538610/episode/d579b85892ff41b9683a97ccc1dfc60b

Itemizing vs Business Deductions: Ending the Confusion: https://pod.link/1640538610/episode/22ba8efc03cd973d2684f4bc6f424e9d

Today, I'm sharing the details of what I do with my money, how I got interested in personal finance and how my idea and process with money has evolved over the last 20 years. 

Join me in this episode as I give you my tips on what has helped me grow my wealth including some of the mistakes I've made and why rinsing and repeating is powerful when it comes to finances. 

Also mentioned in today's episode: 

• Why creative people make such great entrepreneurs 15:06

• The importance of investing in yourself 20:19

• The evolution of my business and finances 22:53 

• The power of rinsing and repeating 37:47

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

Links:

Free private podcast: Go.sunlighttax.com/podcast