THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
What are your money concerns? Suggest a blog topic for Hannah here.
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interviews
- Oct 25, 2022 Vision: Running for Office
- Sep 27, 2022 Paddy Johnson: Real Talk on How to Succeed in the Arts
- May 24, 2021 Nicole Espaillat: A money story of debt, yoga, and buying a house.
- Apr 26, 2021 Why the PPP Loan is Good for Artists
- Apr 6, 2021 Money Management for Creative Professionals
- Mar 31, 2021 Startist Interview: Profit Motive, Marketing, and Tax Tips for Artists
- Mar 19, 2021 ArtWitch Podcast: Permission to Thrive + Money Mindsets
- Mar 2, 2021 Artist/Mother Podcast with Hannah Cole of Sunlight Tax
- Feb 25, 2021 How Can Freelancers Benefit from New Tax Laws?
- Feb 1, 2021 Radio Interview with Hannah
- Sep 30, 2019 The Insidious Role of Gender Bias in How Artists Grapple with Personal Finances
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personal finance
- Feb 17, 2023 These Are The Money Moves You Should Make Right Now, According to Finance Pros
- Sep 9, 2022 What I've Learned from Doing Artists' Taxes
- Aug 9, 2022 Summer Camp and the Child Tax Credit
- Apr 26, 2021 Why the PPP Loan is Good for Artists
- Mar 19, 2021 ArtWitch Podcast: Permission to Thrive + Money Mindsets
- Mar 2, 2021 Artist/Mother Podcast with Hannah Cole of Sunlight Tax
- Sep 30, 2019 The Insidious Role of Gender Bias in How Artists Grapple with Personal Finances
- Mar 11, 2018 Money and Happiness: Artists' Superpower
- Feb 22, 2018 What's the Deal with Receipts?
- Jun 16, 2017 Business and Personal Accounts: Keep ’em Separated
- Jun 2, 2017 The Personal Finance Attitude Adjustment
- May 19, 2017 A Personal Finance Cheat Sheet for the Overwhelmed
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podcast
- May 14, 2024 How to Deduct Business Meals When You're Self-Employed
- May 7, 2024 How to Deduct Business Travel
- Apr 30, 2024 Startup Expenses: A Perk for Your New Business
- Apr 23, 2024 Business vs. Hobby & the IRS 9 Point Test for Profit Motive
- Apr 16, 2024 New Rules for LLCs: Update
- Apr 9, 2024 Why It Matters Who You Listen To
- Apr 2, 2024 4 Cases Where Done Beats Perfect
- Mar 26, 2024 How Taxes Can Unlock Your Financial Health
- Mar 19, 2024 Thoughts I've Had About Money
- Mar 12, 2024 1099 vs W2 Income and Why it Matters
- Mar 5, 2024 Insider Deduction Tips
- Feb 27, 2024 How to Deduct Fees, Bandmate Payouts and Gallery Commissions
- Feb 20, 2024 Tips to Make Your Taxes Better Right Now
- Feb 13, 2024 Can a Massage Therapist Deduct Massages? Education Expenses Explained
- Feb 6, 2024 Discomfort Means You're Growing: Estimates and Investments
- Jan 30, 2024 1099s Deep Dive: Listener Questions
- Jan 23, 2024 What Are Receipts Actually For?
- Jan 16, 2024 Issuing 1099s
- Jan 9, 2024 Respect Your Work, Then Get Organized
- Jan 2, 2024 The De-Stress Your Taxes Checklist
- Dec 26, 2023 Tax Credits and Law Changes Not to Miss
- Dec 19, 2023 Lower Your Taxes at Year-End, Prevent a Cash Crunch
- Dec 12, 2023 New Rules for LLCs: How The Corporate Transparency Act Affects You
- Dec 5, 2023 Understand Your Tax Rate
- Nov 28, 2023 FU Money for the People
- Nov 21, 2023 Donating Your Work isn't a Charitable Deduction
- Nov 14, 2023 Set Up Your Calendar for Tax Success
- Nov 7, 2023 Your Personal Finance Attitude Adjustment
- Oct 31, 2023 Money Cheat Sheet for the Overwhelmed
- Oct 24, 2023 The Right Step at the Right Time
- Oct 17, 2023 Your Business Already Started
- Oct 10, 2023 How to Reduce Tax Overwhelm
- Oct 3, 2023 How I Got Here: Interview with Kelly Bennett, Brand Strategist
- Sep 26, 2023 Farnoosh Torabi: When Financial Fear is Good
- Sep 19, 2023 My top 4 ROIs (Returns on Investment)
- Sep 12, 2023 Mistakes People Make When Working with an Accountant
- Sep 7, 2023 Your Complete Guide to the New Student Loan Forgiveness
- Sep 5, 2023 3 Secrets to Extra Money in Your Tax Deductions
- Aug 29, 2023 LLCs & Why You Need to Separate Your Accounts
- Aug 22, 2023 The Child Care Tax Credit
- Aug 15, 2023 Taxes Should Be Part of Civic Education: A Story of Hope
- Aug 8, 2023 10 Minute Tax Fix: Do a Paycheck Checkup
- Aug 1, 2023 Oops! How to Fix a Tax Mistake
- Jul 25, 2023 What is a Schedule? Capital Gains, Self-Employment Tax and Itemized Deductions
- Jul 18, 2023 What I do With My Money
- Jul 11, 2023 How to Have it All
- Jul 4, 2023 Why I'm Patriotic (Proof of Real Progress)
- Jun 27, 2023 The One Thing You Must Do in Your Business
- Jun 20, 2023 Medical Expense Deductions: When it's Worth Tracking & How
- Jun 13, 2023 The Business Advantages of Creatives
- Jun 6, 2023 BTS: How I Structure My Day for Better Focus
- May 30, 2023 BTS: Creative Career Advice from Architect John Cole (aka My Dad)
- May 23, 2023 BTS: Tips for Your First Hire
- May 16, 2023 S Corp Mistakes That will Cost You Thousands
- May 9, 2023 Tips to Ensure You Pay Yourself
- May 2, 2023 Re-framing Finances for Creatives
- Apr 25, 2023 What Counts As Taxable Income?
- Apr 18, 2023 3 Tips for Easier Taxes
- Apr 11, 2023 Is it Ok to Get a Tax Extension?
- Apr 4, 2023 Aggressive Means "High Growth"
- Mar 28, 2023 How to Stash More FU Money: The SECURE 2.0 Act Expands Your Retirement-Funding Options
- Mar 21, 2023 The Mental Load of Financial Fear
- Mar 14, 2023 Do I Need an LLC?
- Mar 7, 2023 The Home Office Deduction
- Feb 28, 2023 How to Fund Your IRA: Pay Yourself First
- Feb 21, 2023 When Do You Actually Need an Accountant?
- Feb 14, 2023 Estimated Quarterly Taxes: How To Calculate Your Payments
- Feb 7, 2023 Estimated Quarterly Taxes: Breaking It Down
- Jan 31, 2023 1099s: Your Top Questions
- Jan 24, 2023 Tips to Set Up for Easy Taxes
- Jan 19, 2023 How to Issue 1099s
- Jan 17, 2023 10 Reasons Self-Employed People Get Stuck with Money, and How to Fix It
- Jan 10, 2023 What Small Business Bookkeeping is Actually For
- Jan 3, 2023 Taxes, Democracy, and the Largest Climate Bill in US History
- Dec 27, 2022 Taylor Smalls: Taking the Leap from Architecture to Full Time Art
- Dec 20, 2022 Phrases to use for Boundaries & Pricing with your Clients
- Dec 13, 2022 Tax and Year-End Planning
- Dec 6, 2022 Pricing and Business Lessons
- Nov 29, 2022 Imagine (Sneha Shrestha): Street Art, Authenticity, and Connecting Savings to Creative Freedom
- Nov 22, 2022 Gretchen Carder: Prestige is Not Payment: Textiles, Covid Pivots + Bookkeeping as Self-Care
- Nov 15, 2022 What it Costs You to Wait: Money School
- Nov 15, 2022 Don't Hustle, Don't compromise, Just Maximize: Money School Bonus Series
- Nov 10, 2022 Why Business Deductions Save More Than You Think: Self-Employment Tax: Money School
- Nov 8, 2022 Receipts & Bookkeeping Demystified: Money School bonus series
- Nov 3, 2022 Here's How to Cancel Your Student Debt: Money School Bonus episode
- Nov 1, 2022 What Accountants Get Wrong About Creative People: Money School
- Oct 25, 2022 Vision: Running for Office
- Oct 18, 2022 Itemized vs. Business Deductions: Ending the Confusion
- Oct 11, 2022 Perfectionism will Kill You
- Oct 4, 2022 Roth vs Traditional IRA: Does it Even Matter?
- Oct 4, 2022 What's Going on in the Economy Right Now?
- Sep 27, 2022 Paddy Johnson: Real Talk on How to Succeed in the Arts
- Sep 20, 2022 Proof You're Doing Fine: Break Even Point
- Sep 13, 2022 Mileage: The Best Tax Deduction You're Missing
- Sep 9, 2022 Erika Hess: Podcasting, Art, Motherhood and Widening the Circle
- Sep 9, 2022 Money is Gas in the Car
- Sep 9, 2022 What I've Learned from Doing Artists' Taxes
- Sep 1, 2022 Introducing the Sunlight Podcast
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retirement savings
- Sep 9, 2022 What I've Learned from Doing Artists' Taxes
- Jul 25, 2022 The Second Best Time is Now
- Mar 11, 2018 Money and Happiness: Artists' Superpower
- May 19, 2017 A Personal Finance Cheat Sheet for the Overwhelmed
- Mar 14, 2017 The SEP IRA: A Lovesong
- sales tax
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self-employment tax
- Feb 17, 2023 These Are The Money Moves You Should Make Right Now, According to Finance Pros
- Sep 9, 2022 What I've Learned from Doing Artists' Taxes
- Apr 6, 2021 Money Management for Creative Professionals
- Mar 31, 2021 Startist Interview: Profit Motive, Marketing, and Tax Tips for Artists
- Mar 2, 2021 Artist/Mother Podcast with Hannah Cole of Sunlight Tax
- Feb 25, 2021 How Can Freelancers Benefit from New Tax Laws?
- Dec 27, 2018 Translating the New Tax Bill for Small Businesses
- Oct 24, 2018 No, You Really Can't Get a Deduction for that Artwork You Donated to Charity
- Feb 22, 2018 What's the Deal with Receipts?
- Apr 18, 2017 Set up For Your Best Year Ever: A Tax Day How-To
- Mar 23, 2017 Some Real Numbers for Artists on the ACA Repeal
- Mar 14, 2017 The SEP IRA: A Lovesong
- Aug 4, 2016 Estimated Quarterly Taxes for the New Freelancer
- May 7, 2016 Self-Employment Tax for the New Freelancer
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tax credits
- Aug 9, 2022 Summer Camp and the Child Tax Credit
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tax policy
- Oct 25, 2022 Vision: Running for Office
- Sep 20, 2022 Proof You're Doing Fine: Break Even Point
- Apr 6, 2021 Money Management for Creative Professionals
- Mar 25, 2021 What’s in the $1.9 Trillion stimulus plan?
- Mar 19, 2021 ArtWitch Podcast: Permission to Thrive + Money Mindsets
- Mar 17, 2021 Unemployment Tax Savings from the 2021 Stimulus Bill
- Feb 23, 2021 What Do Arts Organizations Need to Know About the Federal Shuttered Venue Operators Grant?
- Jul 15, 2020 How Banks Artwash the Funds that Enable Police Brutality
- Mar 13, 2020 Some of the Art World’s Largest Donors Have Paid Millions to Squelch a Wealth Tax
- Mar 27, 2019 Tax Policy Should be Part of Our Basic Civic Education
- Dec 27, 2018 Translating the New Tax Bill for Small Businesses
- Sep 24, 2018 How the New Tax Cuts and Jobs Act Impacts the Art World
- Feb 22, 2018 What's the Deal with Receipts?
- Jan 30, 2018 How The New Tax Bill Affects Freelancers
- May 2, 2017 The Estate Tax: An Economic Justice No-Brainer
- Apr 4, 2017 Charitable Deductions for You, Me and Warren Buffet
- Mar 23, 2017 Some Real Numbers for Artists on the ACA Repeal
- Nov 15, 2016 How Donald Trump's Tax Plan Will Affect Arts Workers: There's Bad Stuff Coming
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tax savings
- Aug 9, 2022 Summer Camp and the Child Tax Credit
- Mar 31, 2021 Startist Interview: Profit Motive, Marketing, and Tax Tips for Artists
- Mar 25, 2021 What’s in the $1.9 Trillion stimulus plan?
- Mar 17, 2021 Unemployment Tax Savings from the 2021 Stimulus Bill
- Feb 25, 2021 How Can Freelancers Benefit from New Tax Laws?
- Feb 23, 2021 What Do Arts Organizations Need to Know About the Federal Shuttered Venue Operators Grant?
- Dec 27, 2018 Translating the New Tax Bill for Small Businesses
- Apr 18, 2017 Set up For Your Best Year Ever: A Tax Day How-To
- Mar 14, 2017 The SEP IRA: A Lovesong
- Feb 6, 2017 Rent Too Damn High? Deduct Your Home Studio.
- Nov 1, 2016 Tax Shelters for the Working Artist
4 Cases Where Done Beats Perfect
LISTEN AND SUBSCRIBE HERE
4 Cases Where Done Beats Perfect
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.
LISTEN AND SUBSCRIBE HERE
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:
Discomfort Means You're Growing: Estimates and Investments
LISTEN AND SUBSCRIBE HERE
Discomfort Means You're Growing: Estimates and Investments
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.
LISTEN AND SUBSCRIBE HERE
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
Money Cheat Sheet for the Overwhelmed
LISTEN AND SUBSCRIBE HERE
Money Cheat Sheet for the Overwhelmed
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:
Prioritizing debt repayment 5:52
Why saving for retirement is so important 7:45
Investing for long-term growth 11:23
If you enjoyed this episode, please rate, review and share it!
Links:
https://go.sunlighttax.com/register
Watch Youtube Video Version
Farnoosh Torabi: When Financial Fear is Good
LISTEN AND SUBSCRIBE HERE
Farnoosh Torabi: When Financial Fear is Good
Farnoosh Torabi is an Iranian-American personal finance expert, journalist, author and the host of the So Money podcast.
Today, Farnoosh joins me to talk about her new book, A Healthy State of Panic, why the idea of fearlessness can sometimes be problematic and how growing up in an immigrant household shaped her relationship with fear.
Join both Farnoosh and I today to learn more about how you can use your fear constructively to make positive changes in your life.
LISTEN AND SUBSCRIBE HERE
Farnoosh Torabi is an Iranian-American personal finance expert, journalist, author and the host of the So Money podcast.
Today, Farnoosh joins me to talk about her new book, A Healthy State of Panic, why the idea of fearlessness can sometimes be problematic and how growing up in an immigrant household shaped her relationship with fear.
Join both Farnoosh and I today to learn more about how you can use your fear constructively to make positive changes in your life.
Also mentioned in today’s episode:
Fear and decision making when it comes to personal finance 4:19
Overcoming investing fears 15:58
Fear and upbringing in an immigrant family 24:56
How you can use your fear to make positive changes 39:03
If you enjoyed this episode, please rate, review and share it!
Links:
My top 4 ROIs (Returns on Investment)
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My top 4 ROIs (Returns on Investment)
Today, I’m talking about some of the best things I’ve invested in during my time as a business owner that have brought me a good return on investment. I’m also sharing how you can determine if something will be a good ROI for you in your business.
Join me today to learn how you can break through any mindset barriers you have when it comes to spending money and make smart investments that will bring you a good return.
LISTEN AND SUBSCRIBE HERE
Today, I’m talking about some of the best things I’ve invested in during my time as a business owner that have brought me a good return on investment. I’m also sharing how you can determine if something will be a good ROI for you in your business.
Join me today to learn how you can break through any mindset barriers you have when it comes to spending money and make smart investments that will bring you a good return.
Also mentioned in today’s episode:
Thinking about money as an artist 2:22
Some of the best things I’ve invested in 7:00
How can you tell if something is worth your money? 28:26
The value of Money Bootcamp 33:04
If you enjoyed this episode, please rate, review and share it!
Links:
Join the free live class, Understand Your Taxes and Make Money
Book a free 15-minute call with Lisa Zayiha, coach: https://schedulewithlisaz.as.me/consultationcall
Sarah M. Chappell: https://sarahmchappell.com/
Tips to Ensure You Pay Yourself
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Tips to Ensure You Pay Yourself
In this week’s episode, I’m sharing some of my biggest tips to make sure you prioritize paying yourself first and funding your IRA as an entrepreneur.
Join me as I go over some of what you can do to get the most out of your money every year and how you can make sure you’re prioritizing your IRA so you can get that FU money and grow your wealth.
LISTEN & SUBSCRIBE HERE
In this week’s episode, I’m sharing some of my biggest tips to make sure you prioritize paying yourself first and funding your IRA as an entrepreneur.
Join me as I go over some of what you can do to get the most out of your money every year and how you can make sure you’re prioritizing your IRA so you can get that FU money and grow your wealth.
Also mentioned in today’s episode:
What is the triple deadline? 2:05
How you can make sure you pay yourself first 6:59
How you can make your tax season easier 9:01
How to tune up your IRA 16:16
If you enjoyed this episode, please rate, review and share it!
Links:
Register for the FREE Live Class on May 18th at 12PM EST: How to Thrive in a Recession (When You're Self-Employed)
Sign up for Money Bootcamp:
Aggressive Means "High Growth"
LISTEN & SUBSCRIBE HERE
Aggressive Means "High Growth"
Today, I’m sharing more about the word “aggressive” and what it means when you’re setting up investments as an entrepreneur. I’m explaining why and when you might want to focus on more high growth strategies for your investments.
Join me in this episode to learn why you might be intimidated by the word “aggressive” and how you can push past that to get the most out of your investment preferences.
LISTEN & SUBSCRIBE HERE
Today, I’m sharing more about the word “aggressive” and what it means when you’re setting up investments as an entrepreneur. I’m explaining why and when you might want to focus on more high growth strategies for your investments.
Join me in this episode to learn why you might be intimidated by the word “aggressive” and how you can push past that to get the most out of your investment preferences.
Also mentioned in today’s episode:
What does the word aggressive mean when it comes to investing? 4:25
Setting investment preferences 6:06
How what you were taught as a child can have an impact on your investing now 10:23
If you enjoyed this episode, please rate, review and share it!
Links:
How to Fund Your IRA: Pay Yourself First
LISTEN & SUBSCRIBE HERE
How to Fund Your IRA: Pay Yourself First
In today's episode, I’m talking about a very important topic: how to pay yourself first as a creative entrepreneur and how you can grow your stash of fuck you money.
Join me today, to hear the important steps you can take to make sure that you set yourself up for financial security and why it’s never too late to start contributing to your IRA.
LISTEN & SUBSCRIBE HERE
In today's episode, I’m talking about a very important topic: how to pay yourself first as a creative entrepreneur and how you can grow your stash of fuck you money.
Join me today, to hear the important steps you can take to make sure that you set yourself up for financial security and why it’s never too late to start contributing to your IRA.
Also mentioned in today’s episode:
Why you should set apart the full amount of money you want to use to fund your IRA first 9:25
Paying yourself first and how to do it 11:34
Why financial security is so important 13:22
Is it ok to start funding your IRA later in life? 15:27
Understanding your taxes 26:15
If you enjoyed this episode, please rate, review and share it!
Links:
https://www.sunlighttax.com/deductionsguide
What it Costs You to Wait: Money School
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What it Costs You to Wait: Money School
In today’s final episode of the Money School Bonus Series, I’m sharing why waiting costs you money when it comes to building financial security and how you can start investing to grow your wealth today.
Join me to learn how you can push past your perfectionism, take action and start growing your money to gain financial freedom.
In today’s final episode of the Money School Bonus Series, I’m sharing why waiting costs you money when it comes to building financial security and how you can start investing to grow your wealth today.
Join me to learn how you can push past your perfectionism, take action and start growing your money to gain financial freedom.
Also mentioned in today’s episode:
Why waiting costs you money 2:15
Why perfectionism is holding you back 2:40
Why financial security is so important 6:25
What is a cost curve? 7:47
Why investing is a long term game 9:25
The power of compounding 12:03
If you enjoyed this episode, please rate, review and share it!
Links:
Don't Hustle, Don't compromise, Just Maximize: Money School Bonus Series
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Don't Hustle, Don't compromise, Just Maximize: Money School bonus series
Today, I’m rounding out the Money School Bonus Series by sharing how you can maximize the money you already have and get your money to work for you.
Join me in this episode to learn a 5 minute rundown of exactly what money buckets you need and what order to fund them, plus what I call the “Power Triangle.” It’s the secret sauce behind making your money work for you. I teach you the 3 parts of the Power Triangle, plus action steps, so you can build generational wealth for your family and your future.
LISTEN & SUBSCRIBE HERE
Today, I’m rounding out the Money School Bonus Series by sharing how you can maximize the money you already have and get your money to work for you.
Join me in this episode to learn a 5 minute rundown of exactly what money buckets you need and what order to fund them, plus what I call the “Power Triangle.” It’s the secret sauce behind making your money work for you. I teach you the 3 parts of the Power Triangle, plus action steps, so you can build generational wealth for your family and your future.
Also mentioned in today’s episode:
Why you should have a plan for your money 2:14
The magic benefits of capitalism 6:45
The major buckets of money you should be funding, and in what order 11:05
The Power Triangle of maximizing your money 22:35
If you enjoyed this episode, please rate, review and share it.
Links:
Register for the Free Class
Visual Guide to Your Tax Deductions
Roth vs Traditional IRA: Does it Even Matter?
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Roth vs Traditional IRA: Does it Even Matter?
Today, I discuss something I’m asked about a lot as a tax professional- which is better for a creative entrepreneur–a Roth or a traditional IRA? Which one you should focus on to get the most out of your retirement account?
My controversial opinion? This question can put folks into a state of Tiny Detail Exaggeration Syndrome (credit to Mister Money Mustache for that great phrase): I think it actually can distract you from the real issue.
I’m diving into the core differences between these two IRA accounts, important issues to be aware of, and what you really need to stay focused on to get your retirement fully funded.
Listen & subscribe on your favorite platform
Today, I discuss something I’m asked about a lot as a tax professional- which is better for a creative entrepreneur–a Roth or a traditional IRA? Which one you should focus on to get the most out of your retirement account?
My controversial opinion? This question can put folks into a state of Tiny Detail Exaggeration Syndrome (credit to Mister Money Mustache for that great phrase): I think it actually can distract you from the real issue.
I’m diving into the core differences between these two IRA accounts, important issues to be aware of, and what you really need to stay focused on to get your retirement fully funded.
Also mentioned in today’s episode:
What is an IRA 2:31
Why you should prioritize your workplace 401k first 3:08
Roth IRA vs Traditional IRA as a self-employed creative entrepreneur 5:48
Tax shelter- what is it and how does it work? 6:10
The importance of investing your money 7:30
Does it matter which one you choose? 17:30
If you enjoyed this episode, please rate, review and share it.
Links:
Recession is a Golden Opportunity
“Should I be freaking out about the economy?”
You’re getting the message that there's bad stuff happening in the economy right now. Inflation. Gas prices. Groceries. Stocks tumbling. Crypto cratering. But how these things touch your life can vary. You’re self-employed, and so you want to be sure that your business stays strong and you are managing your money well through potential choppy waters.
Do you need to freak out?
Hell no. In fact, you might even celebrate.
If you know what to do, recessions present some of the best opportunities for you to maximize your money and stand out in your business.
“Should I be freaking out about the economy?”
You’re getting the message that there's bad stuff happening in the economy right now. Inflation. Gas prices. Groceries. Stocks tumbling. Crypto cratering. But how these things touch your life can vary. You’re self-employed, and so you want to be sure that your business stays strong and you are managing your money well through potential choppy waters.
Do you need to freak out?
Hell no. In fact, you might even celebrate.
If you know what to do, recessions present some of the best opportunities for you to maximize your money and stand out in your business.
Wait, is that really true?
Absolutely.
Ad costs drop. That’s a chance for you to get out in front of more potential clients.
Stock prices drop. That’s a chance for you to “buy low.” It’s a sale on the stock market. I don’t know about you, but I love a sale.
Small creative businesses like yours get distracted and lose their nerve. That’s a chance for you to hone your message, focus on your clients’ needs, invest in some new skills, and become the go-to business in your niche.
But of course if you have no savings, no cushion in your business, and no plan, you cannot optimize your business for a recession. This is the time for a financial plan.
Good news: I’m here to help you with this.
I just hosted a training about managing the scary parts of a recession and optimizing your opportunities. And I’ve decided to make it available to you, dear reader, so you can feel more calm and in control.
WATCH: How to Thrive in a Recession
[NOTE ABOUT THE BONUS offer: in the Recession video, I mention a bonus 1:1 consult with me. That offer is no longer available as stated in the video. BUT, if you’re interested in it, you can still get a session with me by watching this class on How to Put Your Taxes on Autopilot and Grow Your “Freedom Fund” and joining the program using the fast-action bonus link. The 1:1 sessions with me, Hannah, are available so long as you join by August 15]