If you're a creative entrepreneur, you may be confused about itemizing vs business deductions, and whether to itemize or take the standard deduction when you're filing your taxes.

Today, I'm diving into the details of business deductions and itemizing as a creative, the differences between the two, and exactly how to know if you should be itemizing. I'm also sharing the civic side of taxes and some of the built-in biases that exist within our tax system.

Also mentioned in today's episode:

• Schedule C and who gets to file it 3:09

• What are business deductions 6:25

• The standard deduction for 2022 12:09

• What are itemized deductions 14:25

• The difference between itemized deductions and business deductions 22:05

• The equity issues behind itemized and standard deductions 23:36

• Why the tax code favors home ownership 29:10

• Exactly how to know if you itemize 32:40

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

Links:

https://www.sunlighttax.com/deductionsguide

Most creative people are motivated to make incredible work. We might even strive for perfection.

In this episode, I'm talking about how perfectionism is actually holding you back as a creative entrepreneur.

I share a vulnerable story about my own perfectionism, talk openly about real fears you may be having, and some actionable ways you can get past them, and get the most out of your money and keep moving forward. I'm also sharing how the topic of perfectionism relates specifically to the IRS (guess what? The IRS doesn't ask you to be perfect!), to your estimated quarterly taxes, and why you should stop worrying about being perfect when it comes to your taxes.

Also mentioned in today's episode:

• Understanding the balance between doing good work and
• How a desire to good do work relates to perfectionism in the art world
• My personal story of perfectionism
• Why you should stop trying to be perfect when it comes to your taxes
• How perfectionism will mess up your estimated quarterly taxes
• What the IRS really cares about

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

Links:

https://www.sunlighttax.com/deductionsguide

Today, I discuss something I'm asked about a lot as a tax professional- which is better for a creative entrepreneur–a Roth or a traditional IRA? Which one should you focus on to get the most out of your retirement account?

My controversial opinion? This question can put folks into a state of Tiny Detail Exaggeration Syndrome (credit to Mister Money Mustache for that great phrase): I think it actually can distract you from the real issue.

I'm diving into the core differences between these two IRA accounts, important issues to be aware of, and what you really need to stay focused on to get your retirement fully funded.

Also mentioned in today's episode:

• What is an IRA 2:31
• Why you should prioritize your workplace 401k first 3:08
• Roth IRA vs Traditional IRA as a self-employed creative entrepreneur 5:48
• Tax shelter- what is it and how does it work? 6:10
• The importance of investing your money 7:30
• Does it matter which one you choose? 17:30

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

Links:

https://www.sunlighttax.com/sunlight-tax-master-class

https://www.sunlighttax.com/deductionsguide

In this week's bonus episode, I'm breaking down what's currently going on in the economy right now both in the US and globally including whether or not we're heading toward a recession and how you can benefit from one. I'm also deep diving into some of the common economic terms like inflation and interest rates, and how it affects you as a creative entrepreneur.

Listen in to hear some important and exciting information about my program Money Bootcamp!

Also mentioned in today's episode:

• Are we heading toward a recession and what is a recession? 4:40
• Will a recession affect you as a creative entrepreneur? 6:10
• How you can benefit from a recession 7:23
• Why interest rates are rising 8:01
• What's happening economically globally 15:17
• I Bonds 20:40
• My program Money Bootcamp and how it's changed 24:14

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

Links:

$200 off Money Bootcamp one-time pre-season flash sale through midnight on Friday, September 30th. Go to: https://www.sunlighttax.com/moneybootcampsales

https://www.youtube.com/channel/UCfBU4e2kjX_FEUkEzqbEuRw/videos

Paddy Johnson is a writer, educator and the founder of VVrkshop, an online platform designed to help artists and art professionals connect with other artists, get more shows, residencies and grants.

In today's episode, Paddy and I talk about some of the inherent problems facing professional artists today and why it's so important to build a strong network and community when working as a career artist.

Also mentioned in today's episode:

• Conservatism in the art world 3:41
• Finding the right program for you as an artist 7:38
• Income inequality in the art world 12:00
• Why you should be asking for more money as a creative 16:36
• The importance of a network and community when working as an artist 22:01
• Confidence as an art professional 27:30
• How to effectively network and build relationships 33:07
• VVrkshop and Netvvrk and the reason why Paddy started her programs 41:47

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

Did you like Paddy's episode? You can watch her class The 3 Steps to Getting More Shows at this link: https://vvrkshop.lpages.co/get-more-shows/

Connect with Paddy:

Paddy's website: https://www.paddyjohnson.com/

Paddy's membership: https://www.vvrkshop.art/

I often see a lot of creative entrepreneurs struggling with mindset issues when it comes to the idea of being an official business owner and not knowing when to file their Schedule C.

Today, I explain why it's important to know when the IRS recognizes your business as official, the self-employment tax deductions you can take advantage of once you start your business and what the breakeven point is when you're an entrepreneur.

Also mentioned in today's episode:

• Why the first year in business is a very tax advantaged year 2:50
• How to know when your business has officially started according to the IRS 4:18
• When to file your first Schedule C 7:05
• Normalizing the idea of spending money before earning a profit as a sole proprietor 10:44
• The economic and business idea of a breakeven point 14:56
• Income tax and how the IRS defines a business and the importance of profit motive 19:28

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

Links:

https://www.sunlighttax.com/deductionsguide

Today, I'm talking about one of the best tax deductions you should be taking as a creative entrepreneur and one that often gets missed: the mileage deduction.

In this episode, I explain why you should track business mileage for your taxes and how to get the most out of this tax deduction. I'm also sharing some easy, actionable steps for you to get started with keeping track of your mileage today.

Also mentioned in today's episode:

• The two different ways you can take mileage deduction 3:04
• Why mileage can be such an awesome tax deduction for entrepreneurs 5:55
• How to make keeping track of your mileage easy 6:39
• Keeping track of your mileage in 2022 8:58
• Actionable tips for getting started with mileage today 10:05

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

Links:

https://www.sunlighttax.com/deductionsguide

Erika Hess is a painter, curator and the host of the I Like Your Work Podcast. Her paintings and drawings center around gender, motherhood and the environment.

In this episode, Erika and I talk about the emotions in her work, what she's learned through her experience and why it's so important to have a community behind you as an artist.

Also mentioned in today's episode:

• Widening the space as an artist 3:48
• Erika's background and her current work 6:41
• How feelings and emotions are intertwined in Erika's work 12:09
• Being a mother and a painter 14:36
• The importance of community in art, especially as a woman 20:50
• How the I Like Your Work Podcast started and what it's taught Erika 25:50
• Erika's membership and what encouraged her to start one 37:45
• The importance of boundaries as an artist 44:53

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

Connect with Erika:

Erika's work: https://www.erikabhess.com/

Erika's podcast: www.ilikeyourworkpodcast.com/home

Erika's membership: https://www.ilikeyourworkpodcast.com/yourlisteners

Hello and welcome to the first episode of Sunlight!

When I first started working as a visual artist, I found it impossible to get good financial and tax information, and that's what eventually led me to starting my company Sunlight Tax, where I help self-employed creators with bookkeeping, and everything tax- and finance-related.

I know firsthand how taxes and money can be difficult topics for creative freelancers, which is why in this episode, I'm going over the top 10 insights I've gained as an accountant doing the taxes of creative entrepreneurs. I'm also diving into why it's so important for you to gain good financial information as a working artist.

Also mentioned in today's episode:

• What led me to start my tax company Sunlight Tax 1:03
• Why it's normal to have feelings about money 6:09
• Does money really make you happy? 9:52
• Regressive vs. Progressive tax 21:50
• The benefits of having a Roth IRA 23:14
• Why outsourcing as a creative entrepreneur can be beneficial 27:08
• The W9 and1099 tax forms and income tax as a freelancer 32:44
• Self employment tax as a freelancer 34:20
• How taxes differ as a sole proprietor or single member LLC 39:33

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

Links:

https://www.sunlighttax.com/deductionsguide

In this episode, I'm sharing with you the inspiration behind starting my company, Sunlight Tax, which is dedicated to providing financial information and tax help to creative entrepreneurs and freelancers. I also talk about why I think it's so important that self-employed artists have financial security so that you can grow your business according to your values and have a bigger impact.

Also mentioned in today's episode:

• Why I care about creative entrepreneurs having financial security 3:37
• Why it's important that creative people have more money and how it leads to bigger impacts 10:40
• How to stop internalizing the world's attitude about creative work 12:33
• How to approach money neutrally 17:52

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

Links:

https://www.sunlighttax.com/deductionsguide