Mileage: The Best Tax Deduction You're Missing

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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. 

You can get a 20% discount on MileIQ using this code: HCOL124A This is an affiliate link, but I want you to know that I use MileIQ in my own business, because I think it’s the best one. 

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:

Visual Guide to Tax Deductions

Erika Hess: Podcasting, Art, Motherhood and Widening the Circle

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Links:

Erika’s work

Erika’s podcast

Erika’s membership

Money is Gas in the Car

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Links:

https://www.sunlighttax.com/deductionsguide

10 things I've learned doing artists' taxes

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Links:

https://www.sunlighttax.com/deductionsguide

Introducing the Sunlight Podcast

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Introducing the Sunlight Podcast.

Making money isn’t usually the top priority for big vision creators — making a difference is.

But without financial power, the diverse and unique solutions that you bring to the world as a creative entrepreneur aren’t able to see the light of day. And you are left burned out and exhausted.

This show is designed for the big vision creators — artists, designers, freelancers, and purple-haired, punk rock weirdos — to answer the question: “If you had your taxes, retirement, and investing on lock, how big of an impact could you make on the world with your creative work?”

I’m your host, Hannah Cole, and I’m a longtime professional artist, and a tax expert, and the founder of Sunlight Tax. When I started my career as an artist, I found it impossible to get the tax and financial information I needed to set up my business right, and I had truly horrifying experiences, like when my Dad’s accountant assumed I just had a little hobby, and missed a $4000 mileage deduction I had carefully tracked - and I didn’t get any of the self-employment tax or retirement information I needed. 

If you’ve ever had a financial professional talk down to you, underestimate your professionalism because you make your living as a creative person, you know what I’m talking about.

So I took matters into my own hands. I went back to school for accounting, trained with a couple of tax firms in New York City, and I founded a company, Sunlight Tax, whose mission is to serve creative people, just like you, who are self-employed, with relevant tax and financial education, so you can bring your unique vision to the world.

I’ve supported thousands of creative people with accessible tax and business setup skills through my program, Money Bootcamp.  

In each episode of The Sunlight Podcast, I and my guests will explore the connection between financial power and creative success, uncovering the unique money mindset and financial management shifts that have led to some of the most impactful creative solutions being brought into the world. From what you need to know about self-employment taxes and bookkeeping, to unlocking your vision, you'll have everything you need to become more successful — and have a bigger impact — in your creative career. 

If this sounds good to you, please subscribe to the show, and share it with a friend.