THE SUNLIGHT TAX BLOG:

Tax and Money Education for Creative People, Freelancers and Solopreneurs

Sales Tax vs. Income Tax

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Today, I’m diving into the topic of Sales Tax vs. Income Tax and emphasizing why it’s so important for you to know the difference. 

Join me in this episode, to learn more about the differences between sales tax and income tax and how it can affect you as an entrepreneur.  

Listen and Subscribe Here

Today, I’m diving into the topic of Sales Tax vs. Income Tax and emphasizing why it’s so important for you to know the difference. 

 

Join me in this episode, to learn more about the differences between sales tax and income tax and how it can affect you as an entrepreneur.  

 

Also mentioned in today’s episode: 

  • The main differences between sales tax and income tax 11:13

  • Registration and filing requirements 13:49

  • Sales tax filing process 16:00

 

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

Links:

The WNC Strong: Rebuilding Together Grant for grant aid to help local Businesses survive and rebuild: https://www.mountainbizworks.org/helene/donate

For Sunlight Tax Mutual Aid donations. I will donate 100% of these funds directly to people in need.

Emergency Relief Fund Grants for Artists

Join my Program: https://www.sunlighttax.com/moneybootcampimpact

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Sunlight Podcast Hannah Cole Sunlight Podcast Hannah Cole

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

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

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.

LISTEN AND SUBSCRIBE HERE

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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Why It Matters Who You Listen To

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Why It Matters Who You Listen To

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.  

LISTEN AND SUBSCRIBE HERE

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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