THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
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Roth vs Traditional IRA: Does it Even Matter?
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Roth vs Traditional IRA: Does it Even Matter?
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 you should 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.
What's Going on in the Economy Right Now?
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What's Going on in the Economy Right Now?
Today, a timely bonus episode: I’m breaking down what’s going on in the economy right now, both in the US and globally, including whether or not we’re heading toward a recession, whether that actually matters, 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 the economy at large, and you as a creative entrepreneur.
Listen in to hear some important and exciting information about my program Money Bootcamp, including a 3-day flash sale: my only sale of the season.
Get it through 9/30 at: https://www.sunlighttax.com/moneybootcampflashsale
Paddy Johnson: Real Talk on How to Succeed in the Arts
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Paddy Johnson: Real Talk on How to Succeed in the Arts
Can you solve the art world’s problem’s for us in one sentence, Paddy?
“Ask for more.”
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. Paddy unlocks the real reason you should be sending a weekly newsletter, makes a startling confession, talks about her “24 hour fix,” and even makes me cry.
Proof You're Doing Fine: Break Even Point
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Proof You're Doing Fine: Break Even Point
I often see 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.
Mileage: The Best Tax Deduction You're Missing
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Mileage: The Best Tax Deduction You're Missing
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.
What are your money concerns?
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