THE SUNLIGHT TAX BLOG:

Tax and Money Education for Creative People, Freelancers and Solopreneurs

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Thoughts I've Had About Money

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Thoughts I've Had About Money

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. 

LISTEN AND SUBSCRIBE HERE

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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Your Personal Finance Attitude Adjustment

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Your Personal Finance Attitude Adjustment

Today, I’m sharing another article I wrote in 2017 for the art blog, Art F City, where I focus on the mindset and the attitude that you need to conquer your personal finances. 

Join me in this episode to learn more about how you can shift your mindset and adjust your attitude when it comes to money and prioritize your financial security. 

LISTEN AND SUBSCRIBE HERE

Today, I’m sharing another article I wrote in 2017 for the art blog, Art F City, where I focus on the mindset and the attitude that you need to conquer your personal finances. 

Join me in this episode to learn more about how you can shift your mindset and adjust your attitude when it comes to money and prioritize your financial security. 

Also mentioned in today’s episode: 

  • The importance of mindset when it comes to finances 1:37

  • Spending less than you earn 3:20

  • Why you should observe your spending habits 5:10

  • How you can prioritize your financial security 7:11

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

 

Links:

https://go.sunlighttax.com/register

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Money Cheat Sheet for the Overwhelmed

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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
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Farnoosh Torabi: When Financial Fear is Good

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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. 

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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:

 https://ahealthystateofpanic.com/ 

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What I do With My Money

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What I do With My Money

Today, I’m sharing the details of what I do with my money, how I got interested in personal finance and how my idea and process with money has evolved over the last 20 years. 

Join me in this episode as I give you my tips on what has helped me grow my wealth including some of the mistakes I’ve made and why rinsing and repeating is powerful when it comes to finances. 

LISTEN & SUBSCRIBE HERE

Today, I’m sharing the details of what I do with my money, how I got interested in personal finance and how my idea and process with money has evolved over the last 20 years. 

Join me in this episode as I give you my tips on what has helped me grow my wealth including some of the mistakes I’ve made and why rinsing and repeating is powerful when it comes to finances. 

 

Also mentioned in today’s episode: 

  • Why creative people make such great entrepreneurs 15:06

  • The importance of investing in yourself 20:19

  • The evolution of my business and finances 22:53 

  • The power of rinsing and repeating 37:47

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

 

Links:

 Learn about Money Bootcamp: go.sunlighttax.com/register

Free private podcast: Go.sunlighttax.com/podcast 

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The Mental Load of Financial Fear

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The Mental Load of Financial Fear

Are you feeling judgement or fear when it comes to your taxes and finances? 

Today, I’m talking about the mental load of financial fear and the anxiety you might have surrounding your taxes or retirement as a creative entrepreneur. I’m also sharing why it’s so important to our creative practice to break through those fears so you can increase your impact in this world.    

Join me to learn more about how you can move past any disorganization and fearful thoughts you have about money and become more organized and financially secure.

LISTEN & SUBSCRIBE HERE

Are you feeling judgement or fear when it comes to your taxes and finances? 

Today, I’m talking about the mental load of financial fear and the anxiety you might have surrounding your taxes or retirement as a creative entrepreneur. I’m also sharing why it’s so important to our creative practice to break through those fears so you can increase your impact in this world.    

Join me to learn more about how you can move past any disorganization and fearful thoughts you have about money and become more organized and financially secure.

Also mentioned in today’s episode: 

  • The fear of judgement 4:10

  • The mental load of feeling stressed and disorganized 8:45

  • How tax planning and taking charge of your finances would change your life 10:55

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

Links:

To sign up for the free live class, Understand Your Taxes and Make Money, register here: https://go.sunlighttax.com/free

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These Are The Money Moves You Should Make Right Now, According to Finance Pros

2023 resolution: Get your finances right.

By Nafeesah Allen, Ph.D.

On the heels of the Great Resignation and the ongoing cost of living crisis, the current financial climate feels like a minefield. Predictions of slow economic growth in the U.S. and a looming global recession might, understandably, make you cautious to make big moves to fund your retirement, invest in the market, or even buy your forever home.

Because personal finance is never one-size-fits-all, we spoke to six experts to ask their must-do advice to start 2023 off with solid financial footing. Their perspectives range across savings, investing, retirement, and even tax planning, but each provides insight into the ways that keeping it simple in the short term can have long-term benefits.

2023 resolution: Get your finances right.

By Nafeesah Allen, Ph.D. | Updated on February 13, 2023

On the heels of the Great Resignation and the ongoing cost of living crisis, the current financial climate feels like a minefield. Predictions of slow economic growth in the U.S. and a looming global recession might, understandably, make you cautious to make big moves to fund your retirement, invest in the market, or even buy your forever home.

Because personal finance is never one-size-fits-all, we spoke to six experts to ask their must-do advice to start 2023 off with solid financial footing. Their perspectives range across savings, investing, retirement, and even tax planning, but each provides insight into the ways that keeping it simple in the short term can have long-term benefits.

Don’t wait until April 18 to start prepping your taxes.

“Mark April 18 on your calendar, because three different chunks of money all come due on the same day,” says Hannah Cole, a tax expert and agent at Sunlight Tax. “A little advanced warning helps you budget for it so that you don't end up messing up your personal finances.”

The first two months of the year are a good time to start reviewing your tax responsibilities and setting aside funds to make good on them by the April 18 due date. On that date, you’re on the hook to pay taxes on income earned for the prior calendar year, first quarter estimates for the current year (for self-employed people), and contributions to your individual retirement account. It's important to note that even if you get an extension to file your taxes, that only means you get extra time for your paperwork, Cole explains, but your bill is still due on April 18.

“Whether or not you actually owe quarterly taxes might depend on how much of your income is from your self-employment," Cole says. "So, if you're in the world of side hustlers, where you have a day job and most of your income is on a W2 as an employee, then you might not need to pay quarterly taxes.” However, April 18 should still be an important date to you, because it's the deadline to put money into your retirement account and reap associated tax advantages from a 401(k), IRA, or Roth IRA.

RELATED: How to Save for Retirement—No Matter Your Current Finances

Cole says she's seen plenty of people run into issues because they weren't aware, or didn't plan for, all of these deadlines converging on the same date. "They'll end up with good intentions to fully fund their retirement," she says, "But then they see that tax bill from the IRS and then they're like, ‘Oh, shoot the quarterly payment. I forgot about that too,’ which is additional.” Before you know it, your cash is gone.

So, start the planning process early (read: right now) and save up for the inevitable. April 18 isn’t the start of tax season—it should be close to the end.

RELATED: How Do My Investments Impact the Way I File My Taxes? Find Out on the Money Confidential Podcast

….read more….

This article first appeared on Real Simple on February 13, 2023

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Tips to Set Up for Easy Taxes

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Tips to Set Up for Easy Taxes

Preparing for tax season can be overwhelming especially if you’re a business owner. 

In this week’s episode, I’m sharing some of the easy tips I have for you as a creative entrepreneur preparing for tax season.  

 Join me in this informative episode to learn the action tips you need to take today to make your tax season seamless and stress-free. 

LISTEN & SUBSCRIBE HERE

Preparing for tax season can be overwhelming especially if you’re a business owner. 

In this week’s episode, I’m sharing some of the easy tips I have for you as a creative entrepreneur preparing for tax season.  

Join me in this informative episode to learn the action tips you need to take today to make your tax season seamless and stress-free. 

Also mentioned in today’s episode: 

  • How to start tracking your mileage 3:00

  • How to set up a plan for your tax documents 6:47

  • Organizing your receipts 9:11

  • The importance of bookkeeping 10:35

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

Links:

You can get a 20% discount on MileIQ using this code: HCOL124A
Episode #4: Mileage The Best Tax Deduction You’re Missing

Episode #27: How to Issue 1099s

https://www.sunlighttax.com/deductionsguide

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Gretchen Carder: Prestige is Not Payment: Textiles, Covid Pivots + Bookkeeping as Self-Care

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Gretchen Carder: Prestige is Not Payment: Textiles, Covid Pivots + Bookkeeping as Self-Care

Gretchen Carder is the owner of Good Quilt and a member of Money Bootcamp. Gretchen joins me to talk about her experience transitioning from corporate to working with textiles as a creative entrepreneur, how her decision to join Money Bootcamp helped her gain clarity and confidence in her finances, and why bookkeeping is such an essential part of entrepreneurship.

Gretchen Carder is the owner of Good Quilt and a member of Money Bootcamp. Gretchen has a background in graphic design and now works with textiles as a quilter.  

On today’s episode, Gretchen joins me to talk about her experience transitioning from corporate to working with textiles as a creative entrepreneur, how her decision to join Money Bootcamp helped her gain clarity and confidence in her finances, and why bookkeeping is such an essential part of entrepreneurship.    

Also mentioned in today’s episode: 

  • Gretchen’s background 1:48

  • Her decision to join Money Bootcamp and what made her join 2:25

  • What Gretchen’s business looked like prior to joining Money Bootcamp 5:38

  • How bookkeeping can be considered self-care 10:15

  • How Money Bootcamp has helped Gretchen gain sustainable income 12:51

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

Links:

https://www.sunlighttax.com/deductionsguide

https://www.goodquilt.store/

https://go.sunlighttax.com/register

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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:

https://www.sunlighttax.com/deductionsguide

https://go.sunlighttax.com/free

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What Accountants Get Wrong About Creative People: Money School

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What Accountants Get Wrong About Creative People: Money School

If you’re a creative professional and entrepreneur, you’ve probably had a negative encounter with an accountant before where they didn’t take your business seriously.

In today's episode and the first segment of our Money School Series, I want to talk about what accountants typically get wrong about creative people and why you might feel judged or alienated when it comes to your financial statements. I’m also offering advice on how to break past your shame and get in control of your own money.

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If you’re a creative professional, you’ve probably had this experience: you sit down with an accountant and feel flooded with shame and insecurity as you see that they don’t take you or your business seriously.  

In today's episode and the first segment of our Money School Series, I want to talk about what accountants get wrong about creative people and why you might feel judged or alienated when you meet with financial professionals. I’m also offering advice on how to break past your shame and get in control of your own money. 

Also mentioned in today’s episode: 

  • Why accountants and creative people are so different from one another 2:45

  • Balance sheets and why they’re important to creative entrepreneurs 7:14

  • What can happen when you present your profit and loss statement to the accountant 9:30

  • Gretchen Carder’s story about her accountant 13:56

  • Having the power to control your own money as a creative 19:44

  • Why you shouldn’t feel shame and why you’re not broken 22:13

If you enjoyed today’s episode, please rate, review and share it.

Links:

https://www.goodquilt.store/

https://www.sunlighttax.com/podcast

https://www.sunlighttax.com/deductionsguide

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