THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
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- the Sunlight Tax Podcast 2
The Mental Load of Financial Fear
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Do you feel overwhelmed, fearful, or even judged when it comes to your taxes and finances?
In today’s episode of the Sunlight Tax Podcast, I’m diving into the mental load of financial fear, specifically the stress that comes with managing taxes, saving for retirement, and planning financially as a self-employed or creative entrepreneur. We'll explore how this hidden anxiety can weigh down your creative energy and limit your impact.
If you’ve ever felt disorganized or anxious about money, tune in to learn practical ways to overcome that fear, get organized, and become financially confident as a creative entrepreneur.
Listen and Subscribe here
Do you feel overwhelmed, fearful, or even judged when it comes to your taxes and finances?
In today’s episode of the Sunlight Tax Podcast, I’m diving into the mental load of financial fear, specifically the stress that comes with managing taxes, saving for retirement, and planning financially as a self-employed or creative entrepreneur. We'll explore how this hidden anxiety can weigh down your creative energy and limit your impact.
If you’ve ever felt disorganized or anxious about money, tune in to learn practical ways to overcome that fear, get organized, and become financially confident as a creative entrepreneur.
Also mentioned in this episode:
01:45 The Mental Load of Taxes
06:51 Overcoming Fear and Anxiety Around Finances
13:25 Building a System for Financial Ease
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Links:
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Get your free visual guide to tax deductions
Why You Get Stuck in a Tax Pain Cycle
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In today’s episode, I’m chatting about the common cycle of pain self-employed individuals face during tax season and how tax preparation services often lack the education necessary to break this cycle.
Join me today to learn how you can implement systems that can help you avoid large, unexpected tax bills and penalties going forward.
Listen and subscribe here
In today’s episode, I’m chatting about the common cycle of pain self-employed individuals face during tax season and how tax preparation services often lack the education necessary to break this cycle.
Join me today to learn how you can implement systems that can help you avoid large, unexpected tax bills and penalties going forward.
Also mentioned in today’s episode:
The cycle of pain: the initial challenges 4:12
Surprise tax bill and its consequences 4:50
Breaking the cycle of pain with simple systems 10:25
If you enjoyed this episode, please rate, review and share it!
Links:
Register for the free class, Make Taxes Simple and Stash an Extra $130k in Your Savings.
Why Business Deductions Save More Than You Think: Self-Employment Tax: Money School
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Why Business Deductions Save More Than You Think: Self-Employment Tax: Money School
In today’s episode of the Money School Bonus Series, I’m explaining what self-employment tax is, why tax deductions are so important as a creative entrepreneur and how they save you more money than you may think.
Join me in this informative episode to learn the details about self-employment tax and how you can make sure you’re getting the most out of your deductions each year.
Listen & Subscribe Here
In today’s episode of the Money School Bonus Series, I’m explaining what self-employment tax is, why tax deductions are so important as a creative entrepreneur and how they save you more money than you may think.
Join me in this informative episode to learn the details about self-employment tax and how you can make sure you’re getting the most out of your deductions each year.
Also mentioned in today’s episode:
Understanding self-employment taxes 1:23
Tax brackets and what they actually mean 3:44
The average tax rate for self-employed people 6:16
Self-employment taxes explained 10:52
Why you need to be tracking all of your expenses 13:02
Getting the most out of your deductions 22:11
If you enjoyed this episode, please rate, review and share it!
Links:
Some Real Numbers for Artists on the ACA Repeal
When I went back to school for accounting, I never thought I’d get an education in healthcare. But the Affordable Care Act (ACA, aka Obamacare) forced tax preparers like me into learning about our healthcare system, because most of the credits and penalties are reconciled on the tax return. As an accountant for artists, I see the direct benefits of the ACA on my clients. I am required, per the ACA, to find out if my clients were covered by health insurance all year, and if not, I calculate the penalty for each month they weren’t. I record the premiums my clients pay, which can be a big deduction for a freelance arts worker. And I see the monthly subsidies that they get, because I reconcile them on the annual tax return (the “Premium Tax Credit”). I also calculate the 3.8% Net Investment Income Tax and the additional .9% Medicare tax for my very highest-income clients – these are the additional taxes on the top income earners that effectively pay for the subsidies provided by the ACA. This amount is only calculated on the very top dollars of their income and it hits a proportionately tiny slice of my clients.
Given this background, I have some insights on what the new Republican proposal, the “American Health Care Act” (ACHA, aka Trumpcare) would do to you, me, and our federal budget. It’s not good. Read more...
Rent Too Damn High? Deduct Your Home Studio.
One of the best tax breaks out there is the home office (or home studio) deduction. In tax terms, this essentially turns a portion of your nondeductible personal expenses (your home) into deductible business expenses (a workplace). A lot of people are confused about the rules, and some people are scared to take the deduction at all because they’ve heard that it can be a red flag to the IRS. As long as you are following the rules correctly, there is nothing wrong with taking the deduction. And it’s a big one! So here is some help.
First, when can you claim a home office/home studio?
You have to use it both exclusively and regularly.
Exclusive use means that the space is a dedicated workspace – no kids watching TV in there after hours, no guests staying there. There is no wiggle room on this part. read full article
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