Sunlight Tax

In this week's bonus episode, I'm giving you all the details about how you can take advantage of President Biden's Student Loan Forgiveness plan for your federal student loans, including how you can apply, what you need before applying and if you qualify.  I also give a hot tip on getting your application processed faster.

 

Join me in this practical episode to learn all the details of this program and get an action plan for your federal student loan debt!

Also mentioned in today's episode: 

 

• What is the Federal Student Loan Relief and how does it work 1:56
• Why you should apply now 5:22
• Which loans qualify 7:15
• How to access the system so you can apply and how long it takes to process 13:14

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

 

Links:

 

https://studentaid.gov/debt-relief/application

 

https://go.sunlighttax.com/register

 

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

If you're a creative professional and entrepreneur, you've probably had a negative encounter with an accountant before where they didn't take your business seriously.  

 

In today's episode and the first segment of our Money School Series, I want to talk about what accountants typically get wrong about creative people and why you might feel judged or alienated when it comes to your financial statements. I'm also offering advice on how to break past your shame and get in control of your own money. 

 

Also mentioned in today's episode: 

 

• Why accountants and creative people are so different from one another 2:45
• Balance sheets and why they're important to creative entrepreneurs 7:14
• What can happen when you present your profit and loss statement to the accountant 9:30
• Gretchen Carder's story about her accountant 13:56
• Having the power to control your own money as a creative 19:44
• Why you shouldn't feel shame and why you're not broken 22:13

 

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

 

Links:

 

https://www.goodquilt.store/

 

https://www.sunlighttax.com/podcast

 

https://www.sunlighttax.com/deductionsguide

 

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

Today, I'm interviewing 2 candidates running for office here in Western North Carolina. Jasmine Beach-Ferrara is a North Carolinian, Christian minister, founding director of the Campaign for Southern Equality (CSE), and mother of 3. Service and faith are the driving forces in her work, from teaching in prisons to founding an organization to advocate for LGBTQ equality across the Deep South. By showing up—especially in small towns—and telling the stories of families, Jasmine's organization (CSE) helped win marriage equality in North Carolina and Mississippi. She is running to unseat Republican Madison Cawthorne for US Congress. 

 

Maggie Ullman was Asheville's first Sustainability Director. Her leadership has resulted in over $5 million of new grant dollars to communities in the American South who work with their local government to address climate change equitably. She is a candidate for Asheville City Council.  

 

Together, both Maggie and Jasmine want to bring people together to incite change and protect what's precious. 

 

In this episode, Maggie, Jasmine and I talk about why local elections are so important, how you can get involved, and how even the tax code is proof that representation matters. 

 

Also mentioned in today's episode: 

 

• Jasmine's background and vision 
• Maggie's background and vision
• Why the tax code represents only the people who were in the room when it was passed
• Why local elections matter and what city government does 
• County level politics and what it includes 
• How priorities translate from local to national politics 
• How you can get involved in your local area to get candidates you care about elected

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

 

Links:

 

Connect with Jasmine and Maggie: 

Jasmine's website: https://www.jasmineforcongress.com/

Maggie's website: https://www.maggie4avl.com/

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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/

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

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

Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe