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Tax and Money Education for Creative People, Freelancers and Solopreneurs

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Hannah Cole Hannah Cole

I Like Your Work Podcast: Knowing Your Numbers and the One Best Thing You Can Do Now

When you know what your profit is, you unlock the power to know what things cost you, whether you need to raise your prices and how much you owe in taxes way before the deadline. So how do you do it, and what is the one key action step that will help you right now? Click through to find out on my latest mini episode of the I Like Your Work Podcast.

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Interviews and personal stories Hannah Cole Interviews and personal stories Hannah Cole

Money Story - Christopher Denise: Building Habits and Space to Focus on Your Creative Work

Today on the blog, Hannah talks to illustrator and writer Christopher Denise about how finding balance and developing strong habits in his artistic practice and finances helped sustain critical moments in his career. Of this development, Chris shares: “Having a successful career in the arts is not a static goal. It’s not something that you “achieve.” You develop a practice. Something that Sunlight Tax articles and Money Bootcamp talks have highlighted that resonated with me is that getting on top of your money is also a practice. Financial literacy is not just a tool that fixes things, it is a structure. A practice builds empowerment, and as a result, freedom. Who doesn’t want freedom in their life? It allows time to focus on what gives you purpose in life.” Read the full conversation on the blog now.

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Hannah Cole Hannah Cole

I Like Your Work Podcast: An Artist's Journey from Money Shame to Accounting Magic

In one of four new mini episodes of the I Like Your Work Podcast, I talk about my journey as a painter who had miserable experiences with accountants when I was starting out. So how did I decide to become one? I share the origin story of Sunlight Tax and talk about how the magic and love of the artist community was the right motivation to build a business that serves artists with the tax education they need. Visit the Sunlight Tax blog to listen the first episode.

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Interviews and personal stories Hannah Cole Interviews and personal stories Hannah Cole

An Audit Nightmare Turned Artist Victory: An Interview With Susan Crile

American businesses sometimes lose money. Those losses actually create a tax shelter for other income. While the tax code explicitly provides this incentive for businesses – to encourage investment for growth, and to allow for unpredictable events – losses that go on for too long tend to draw scrutiny from the IRS.

If your arts practice loses money for more than a couple years, they may question the legitimacy of the business – specifically, the profit motive. Typically, they reclassify such a business as a hobby, and disallow the artist from expensing deductions past the point of their income from the activity. That’s bad news for any artist, but it was a near nightmare scenario for artist Susan Crile. Read the full article on the blog now.

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Hannah Cole Hannah Cole

Unscientific Observations about Creators’ Finances. Part One (of Three)

A Money Bootcamp member reached out to me to ask me to share my observations about creators, since I sit at a vantage point to see what happened to so many people’s financial situations. As I wrote, I realized that these observations are so numerous that it would help to split them into three categories: General observations from our Covid Hell-Year, Observations about the effect of the Covid stimulus bills, and a more evergreen set of observations about creative people’s financial situations more generally. So with that, here is the first in a three-part series about my unscientific conclusions about creators’ finances. Part One: Creators During Covid: Lost work, creative fundraising, bright spots, and burnout.

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