How to Deduct Business Meals When You're Self-Employed

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In today’s episode, I’m sharing how you can deduct business meals on your taxes as a self-employed individual including what you need for your tax documentation and what’s allowable for deduction. 

Join me to learn the rules and guidelines for deducting business meals, the per diem meals allowance for business travel and the benefits business meals for entrepreneurs. 

Also mentioned in today’s episode: 

• Client meals vs. travel meals 4:05

• Why you need to keep your receipts and documentation 6:35

• Keeping a calendar for your business meals and tax documentation 9:10

• How much you can deduct for your business meals 11:50

If you enjoyed this episode, please rate, review and share it! 

Links:

Tracey Morgan Gallery

Rachel Meginnes

Business Travel episode

GSA per diem rate lookup (US travel)

State Department per diem rate lookup (International travel)

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How to Deduct Business Travel

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Today, I’m talking about an important topic for entrepreneurs: business travel and deducting business travel on your taxes. I’m highlighting the importance of understanding the rules for deducting transportation costs, accommodations, and meals, and sharing how you can properly document your travel so you can avoid getting audited by the IRS.

Join me in this important episode to learn how you can distinguish between what’s deductible and what’s non-deductible when it comes to business travel expenses.

Also mentioned in today’s episode: 

• Mixing personal elements with business travel and how to deduct properly 8:05

• The 4 qualifications for deducting foreign travel costs 17:40

• Deducting travel costs for inspiration without getting audited 27:15

If you enjoyed this episode, please rate, review and share it! 

Links:

Right Back to It, Waxahatchee featuring MJ Lenderman

Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc

IRS Proof Your Business Deductions

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Startup Expenses: A Perk for Your New Business

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In today’s episode, I’m diving into the topic of startup expenses, the deductions available for new businesses and some of the benefits the tax code provides to new businesses. I give examples of qualifying startup expenses and sharing some information on when you can deduct these expenses on your taxes. 

Listen to this episode to get helpful guidance on taking advantage of tax deductions available in the early stages of a new business.

Also mentioned in today’s episode:  

• What are startup expenses 8:00

• What’s included in the startup expenses according to the IRS 10:05

• When can you deduct your expenses on your taxes 12:30

If you enjoyed this episode, please rate, review and share it! 

Links:

More Sunlight episodes to help you start your business:

• Episode 20: Pricing and Business Lessons

• Episode 44: S Corp Mistakes That will Cost You Thousands

• Episode 50: The One Thing You Must Do in Your Business

• Episode 67: Your Business Already Started

• Episode 68: The Right Step at the Right Time

Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc 

IRS Proof Your Business Deductions

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Business vs. Hobby & the IRS 9 Point Test for Profit Motive

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Today, I’m talking about the tax laws related to distinguishing between a hobby and a legitimate business when you’re a creative professional. I’m also explaining the IRS's view of profit motive as the key factor and discussing how you can determine whether you have a business or hobby.

Join me in this episode to get some advice and tips on how you can prove profit motive and avoid being wrongly classified as a hobby by the IRS.

Also mentioned in today’s episode: 

• Why profit motive is so important 5:35

• The IRS’s nine-factor test for determining if a creative hobby is a business 19:35

• The hobby loss rule and how it’s applied 33:07

If you enjoyed this episode, please rate, review and share it! 

Links:

IRS audit technique guide: https://www.irs.gov/pub/irs-pdf/p5558.pdf

https://www.irs.gov/newsroom/heres-how-to-tell-the-difference-between-a-hobby-and-a-business-for-tax-purposes

The Sunlight Podcast Episode 67: Your Business Already Started

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

Learn more about Money Bootcamp

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New Rules for LLCs: Update

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In today’s episode, I’m revisiting an important topic and giving you an update about the Corporate Transparency Act, which aims to identify owners of LLCs and prevent financial crimes. 

I’m providing an update on information about the requirements of filing a Beneficial Ownership Information report, including the deadlines and penalties and how you can file. 

Join me in this episode to get all the timely information about this act and learn how you can get step-by-step video directions on filing for your LLC! 

Also mentioned in today’s episode: 

• Why you should be aware of scams when it comes to filing 6:00

• Why the Corporate Transparency Act was passed and why it’s important 9:05

• The deadlines for filing and the penalties 14:48

If you enjoyed this episode, please rate, review and share it! 

Links:

 Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc

IRS Proof Your Business Deductions

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Why It Matters Who You Listen To

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Today, I want to talk about why it’s so important who you take advice from when you’re an entrepreneur. I share some of my experiences and some of the advice I was given that didn’t account for my unique responsibilities and constraints as a new entrepreneur and mother. 

Listen to this episode to get some guidance on how you can make decisions based on your own values and needs and not someone else’s.  

Also mentioned in today’s episode: 

• My experience of just starting out in business while still taking care of children 3:35

• Why it’s important to understand people's needs and safety concerns when giving business advice 7:40

• Blind spots in gender dynamics when it comes to giving advice 13:00

If you enjoyed this episode, please rate, review and share it! 

Links:

IRS Proof Your Business Deductions

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4 Cases Where Done Beats Perfect

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In today’s episode, I’m sharing my story of struggling with perfectionism and how I was able to overcome that and embrace imperfection and how I came to aim for quality over perfection.

Join me as I share some of my story along with some tips on how you can embrace and live the motto “Done is better than perfect” when you’re just starting out as a business new owner. 

Also mentioned in today’s episode: 

• The four areas where imperfection is acceptable and even beneficial 3:33

• The importance of education and self-management when it comes to investing 5:35

• The importance of quarterly taxes and why you shouldn’t stress if it’s not perfect 10:41

If you enjoyed this episode, please rate, review and share it! 

Links:

IRS Proof Your Business Deductions

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How Taxes Can Unlock Your Financial Health

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Today, I’m giving some guidance on how you can use tax time as an opportunity to improve your finances and set yourself up for retirement. I’m diving into the importance of getting organized with systems to track tax documents, receipts, and bookkeeping so you can prevent stress and surprises during tax season. 

Join me in this episode as I outline the steps you need to take to improve your financial security as a creative entrepreneur.

Also mentioned in today’s episode:  

• Why tax time is a key time to assess your financial situation 2:42

• Why being organized with your finances is so important 7:24

• High-level steps you can take to prevent stress and surprises at tax time 12:35

• How you can easily calculate profit as a self-employed person 14:40

If you enjoyed this episode, please rate, review and share it! 

Links:

The De-Stress Your Taxes Checklist Episode 

Sign up for the free class: Make Taxes Easier and Stash an Extra $130k in your Savings.

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Thoughts I've Had About Money

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Today, I’m sharing some thoughts I’ve struggled with when it comes to my finances, taxes, and financial knowledge so I can motivate anyone who may be experiencing similar challenges with money mindset in your business. 

Join me in this personal episode as I talk about how I’ve been able to move past fears and feelings of inadequacy when it comes to my finances and to hear some tips on how you can do the same. 

Also mentioned in today’s episode: 

• My personal thoughts on finances 7:23

• Some of my most common money thoughts 10:00

• Why you shouldn't let mistakes bring you down 12:30

• The Fire movement 19:54

If you enjoyed this episode, please rate, review and share it! 

Links: 

Save your seat for the free class, Make Taxes Easier

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1099 vs W2 Income and Why it Matters

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Today on the podcast, I’m going over the key differences between 1099 freelance income and W-2 employee income when filing taxes and how you can simplify your taxes as a self-employed individual. 

Join me in this episode to learn how to file your taxes correctly to avoid penalties and keep your finances simple. 

Also mentioned in today’s episode: 

• The main differences between 1099 and W2 income when it comes to taxes 2:30

• The importance of bookkeeping when you’re self-employed 5:45

• The importance of keeping records and being prepared for IRS inquiries 14:53

If you enjoyed this episode, please rate, review and share it! 

Links: 

FREE MASTERCLASS: Make Taxes Easier and Stash an Extra $130k in Your Savings

sunlighttax.com/deductions

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Insider Deduction Tips

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Today, I’m giving you some insight into deductions and details on categories when it comes to your schedule C deductions. I talk about key categories for deductions like advertising and supplies and why it’s so important to keep proper documentation when it comes to deductions on your taxes. 

Join me this week, to get some strategic guidance on maximizing your deductions and avoiding audits by putting expenses in their appropriate categories.

Also mentioned in today’s episode: 

• Advertising and why website hosting fee’s go there 3:00

•  2 common categories where tax preparers may dump expenses without proper documentation 5:20

• How to avoid an audit when it comes to listing your deductions 12:40

If you enjoyed this episode, please rate, review and share it! 

Links:

sunlighttax.com/deductions

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How to Deduct Fees, Bandmate Payouts and Gallery Commissions

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Today, I’m talking about deducting education expenses and explaining how fees and reimbursement works when it comes to reporting your income on your taxes. 

Listen to this episode to get some insight on tax implications and how you can properly track income to meet the reporting requirements.

Also mentioned in today’s episode:  

• Reporting gallery commissions on your taxes 12:54

• How income and taxes work for musicians being paid out for performances 14:54

• When you need a 1099 issued 17:00

If you enjoyed this episode, please rate, review and share it! 

Links:

Get your free Deductions Guide: https://www.sunlighttax.com/deductionsguide

https://www.sunlighttax.com/moneybootcampimpact

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Tips to Make Your Taxes Better Right Now

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In this week’s episode, I’m giving you some of my best tips when it comes to tax preparation and financial planning if you’re self-employed or a small business owner. I’m giving advice on completing bookkeeping, issuing 1099 forms, and why you need to schedule an early tax appointment with accountants.

Join me in this informative episode as I try to make your taxes as easy as possible so you can reduce stress and manage your money better.

Also mentioned in today’s episode: 

• Why you should associate bookkeeping with self-care activities 5:53

• When you should book your appointment with a tax advisor and why it helps if it’s earlier 10:33

• What is the triple deadline of April 15th? 17:52
  

If you enjoyed this episode, please rate, review and share it! 

Links:

De-stress your taxes checklist: https://pod.link/1640538610/episode/829669c4f27589e3572ba3c2c497f24b

Issuing 1099s:

https://pod.link/1640538610/episode/5e3fdee788bf841e0aaeb5b3734e395b

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Can a Massage Therapist Deduct Massages? Education Expenses Explained

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Have you ever wondered what you can deduct when it comes to business expenses?

Today, I’m deep diving into education expenses and what you can and cannot deduct on your taxes as a business owner. I’m clarifying what you can deduct for continuing education, like seminars on new techniques, and what counts as leisure. 

Listen to this important episode to learn how you can maximize your deductions when you file your taxes this year. 

Also mentioned in today’s episode:  

• Clarifying the deductibility of massages for wellness practitioners 2:34

• Personal expenses and business deductions- the difference and how much you can really deduct 4:57

• What expenses you CAN deduct 5:54

• Should you deduct research expenses? 9:37

If you enjoyed this episode, please rate, review and share it! 

Links:

WELLNESS PRACTITIONERS’ TAX DEDUCTIONS GUIDE

https://www.sunlighttax.com/wellnessguide

Free class: Make Taxes Easier and Stash an Extra $130k in Your Savings: https://go.sunlighttax.com/free

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Discomfort Means You're Growing: Estimates and Investments

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This week, I’m talking about embracing discomfort for your personal growth and financial success and how seeking out discomfort can help drive learning and achievement. 

Join me as I share some of my own experiences of overcoming discomfort and how you can learn to view mistakes as learning opportunities instead of signs of failure.

Also mentioned in today’s episode: 

• Why you should seek out discomfort 2:47

• Aiming for improvement rather than perfection 8:47

• The power of compound interest and why you need to be investing 20:58

• How to really embrace discomfort when it comes to money and investing 30:40

If you enjoyed this episode, please rate, review and share it! 

Links:

Understand Your Tax Rate: https://pod.link/1640538610/episode/378b7d09b9680294b1301a5515bb5303

Free class: Make Taxes Easier and Stash an Extra $130k in Your Savings: https://go.sunlighttax.com/free

Hidden Potential: The Science of Achieving Greater Things

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