THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
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Money Cheat Sheet for the Overwhelmed
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Today, I’m sharing an article I wrote where I give a practical financial overview and is a personal finance cheat sheet for anyone feeling overwhelmed with their finances and taxes.
Listen to this episode to get some finance tips to help you feel more secure as an entrepreneur when it comes to your money.
LISTEN AND SUBSCRIBE HERE
Today, I’m sharing an article I wrote where I give a practical financial overview and is a personal finance cheat sheet for anyone feeling overwhelmed with their finances and taxes.
Listen to this episode to get some finance tips to help you feel more secure as an entrepreneur when it comes to your money.
Also mentioned in today’s episode:
02:50 Understanding the Emotional Impact of Money
06:06 Basic Steps to Avoid Financial Disaster
08:55 Debt Management Strategies
12:37 Saving and Investing for the Future
15:52 Empowerment Through Financial Knowledge
Takeaways
Understanding the order of operations in personal finance is crucial.
Money often represents self-worth and security for many individuals.
Artists may feel disconnected from traditional financial systems but must navigate them.
Basic personal finance steps are universal and can empower individuals.
Avoiding financial disaster is the first step in personal finance.
Pay off high-interest debt first to regain financial control.
Prioritize retirement savings over children's college funds.
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:
My #1 Tip to Make Your Kid a Millionaire
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
Money Talks: A Conversation with My Gen Alpha Daughter
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In this episode of the Sunlight Tax Podcast, I had the joy of interviewing my daughter, Farrah, about her very first job and everything she’s been learning about managing money. We talked about the excitement of earning her own income, the value of saving and starting a Roth IRA early, and how taxes work. We even touched on the idea of net worth.
Farrah shared some really thoughtful insights about spending wisely and why she thinks financial education is so important for kids her age (Gen Alpha). It was also fascinating to see how her perspective reflects some of the generational shifts in how we think about money.
Listen and Subscribe Here
In this episode of the Sunlight Tax Podcast, I had the joy of interviewing my daughter, Farrah, about her very first job and everything she’s been learning about managing money. We talked about the excitement of earning her own income, the value of saving and starting a Roth IRA early, and how taxes work. We even touched on the idea of net worth.
Farrah shared some really thoughtful insights about spending wisely and why she thinks financial education is so important for kids her age (Gen Alpha). It was also fascinating to see how her perspective reflects some of the generational shifts in how we think about money.
Also mentioned in today’s episode:
00:00 Introduction to Money Conversations
03:12 First Job and Earnings Insights
06:17 Understanding Roth IRA and Compound Interest
08:56 Navigating Taxes and Financial Responsibilities
11:43 Defining Net Worth and Wealth
15:36 Lessons on Spending and Saving
18:05 The Importance of Financial Education
19:08 Reflections on Generational Financial Preparedness
Takeaways
Farrah's first job was a significant milestone in her understanding of money.
Earning income brings excitement but also the responsibility to save.
A Roth IRA is a powerful tool for long-term savings due to compound interest.
Understanding taxes is crucial, as they are a personal responsibility.
Saving money requires discipline and foresight, especially for young people.
Teaching kids about money management can empower them for the future.
Generational differences exist in financial preparedness and knowledge.
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:
My #1 Tip to Make Your Kid a Millionaire
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
My #1 Tip to Make Your Kid a Millionaire
Listen and Subscribe Here
In this episode of the Sunlight Tax Podcast, I’m discussing the benefits of tax-advantaged savings for children, specifically focusing on Roth IRA for kids. I explain how parents can open a custodial Roth IRA for their kids, the advantages of Roth IRA, and the importance of teaching children about compound interest and financial literacy.
This episode also emphasizes the long-term benefits of starting early with investments and how this can empower the next generation financially.
Listen and Subscribe Here
In this episode of the Sunlight Tax Podcast, I’m discussing the benefits of tax-advantaged savings for children, specifically focusing on a Roth IRA for kids. I explain how parents can open a custodial Roth IRA for their kids, the advantages of a Roth IRA, and the importance of teaching children about compound interest and financial literacy.
This episode also emphasizes the long-term benefits of starting early with investments and how this can empower the next generation financially.
Also mentioned in today’s episode:
00:00 Introduction to Tax-Advantaged Savings for Kids
01:50 Understanding Roth IRAs for Minors
05:28 Investment Strategies for Kids' Roth IRAs
09:05 Teaching Kids About Compound Interest
Takeaways
Open a custodial Roth IRA for your kids to save on taxes.
Kids can have a Roth IRA if they earn income.
Roth IRAs allow tax-free withdrawals in the future.
Teaching kids about money can empower them financially.
Compound interest can significantly grow investments over time.
Matching your child's earnings in an IRA is allowed.
Most kids will pay no taxes on their Roth IRA withdrawals.
Investing in index funds is a good strategy for kids.
Financial literacy is crucial for the next generation.
This is a great opportunity to teach kids about investments.
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:
Roth vs Traditional IRA: Does it even matter?
How to fund your IRA: Pay yourself first
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
The Shockingly Simple Math of Making Your Taxes Easier
Listen and Subscribe Here
In this episode of the Sunlight Tax podcast, I talk about something that can feel overwhelming for a lot of us: taxes and bookkeeping, especially if you're a self-employed person. I share why having a positive mindset around money stuff really matters and how it can actually make tax season a lot less stressful.
I also introduce my new workbook, which is designed to help you move past some of those mindset blocks that can make dealing with taxes feel so heavy. Throughout our chat, I offer practical tips, like why it’s so important to have a separate bank account for your business, and how setting up just a few basic expense categories can make a big difference in staying organized.
In this episode of the Sunlight Tax podcast, I talk about something that can feel overwhelming for a lot of us: taxes and bookkeeping, especially if you're a self-employed person. I share why having a positive mindset around money stuff really matters and how it can actually make tax season a lot less stressful.
I also introduce my new workbook, which is designed to help you move past some of those mindset blocks that can make dealing with taxes feel so heavy. Throughout our chat, I offer practical tips, like why it’s so important to have a separate bank account for your business, and how setting up just a few basic expense categories can make a big difference in staying organized.
Join me in this episode and feel empowered to take small, proactive steps with your finances so you can ditch the stress and focus on the creative work you love.
Also mentioned in today’s episode:
Takeaways
The mindset around taxes can significantly impact financial management.
Bookkeeping should be done consistently throughout the year.
Procrastination in bookkeeping leads to increased stress at tax time.
Having a separate business bank account simplifies financial tracking.
Every transaction needs to be categorized for accurate tax reporting.
Doing any bookkeeping now reduces work at tax time.
Mid-year is a great time to assess your financial organization.
Setting up expense categories can be done easily with a spreadsheet.
A visual guide to tax deductions can help streamline the process.
Taking small steps now can lead to greater financial peace later.
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.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
The Child Care Tax Credit
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Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share 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.
Listen and Subscribe here
Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share 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:
01:08 Understanding the Child and Dependent Care Tax Credit
04:00 Exploring Summer Camp and Tax Benefits
11:00 Eligibility and Application for the Tax Credit
Takeaways
The Child and Dependent Care Tax Credit helps working parents with childcare costs.
This credit is different from the child tax credit.
Summer camp expenses can qualify for the tax credit.
The credit allows for a percentage of childcare expenses to be claimed.
Tax credits are more beneficial than tax deductions.
Eligibility for the credit requires earned income or full-time student status.
Unemployment income does not count as earned income for this credit.
Both spouses must file jointly to claim the credit if married.
It's important to keep records of care providers for tax purposes.
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:
VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/
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
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