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
New Rules for LLCs: Update
LISTEN AND SUBSCRIBE HERE
New Rules for LLCs: Update
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!
LISTEN AND SUBSCRIBE HERE
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
Tax Credits and Law Changes Not to Miss
LISTEN AND SUBSCRIBE HERE
Tax Credits and Law Changes Not to Miss
This week, I’m sharing a year-end review of past episodes from 2023 that covered new tax laws and legislation so you can be prepared when it comes to your business finances as we approach the tax season and year end.
Join me in this episode to get a recap of any new laws or tax credits that could impact you and your finances in 2024.
LISTEN AND SUBSCRIBE HERE
This week, I’m sharing a year-end review of past episodes from 2023 that covered new tax laws and legislation so you can be prepared when it comes to your business finances as we approach the tax season and year end.
Join me in this episode to get a recap of any new laws or tax credits that could impact you and your finances in 2024.
Also mentioned in today’s episode:
The Corporate Transparency Act 2:22
An update on contribution limits for tax advantaged accounts 4:26
Secure 2.0 Act 5:06
Tax laws and charitable donations 6:55
Medical expense deductions 10:36
If you enjoyed this episode, please rate, review and share it!
Links:
Episodes Mentioned:
New Rules for LLCs: How The Corporate Transparency Act Affects You
LISTEN AND SUBSCRIBE HERE
New Rules for LLCs: How The Corporate Transparency Act Affects You
In today's episode, I want to talk about a new law that goes into effect in January of 2024 and affects small business owners with an LLC: The Corporate Transparency Act.
Join me in this important episode to learn more about this law, why it’s actually a good thing and how you can comply to avoid fines.
LISTEN AND SUBSCRIBE HERE
In today's episode, I want to talk about a new law that goes into effect in January of 2024 and affects small business owners with an LLC: The Corporate Transparency Act.
Join me in this important episode to learn more about this law, why it’s actually a good thing and how you can comply to avoid fines.
Also mentioned in today’s episode:
What is the Corporate Transparency Act and why is it a good thing? 2:25
Who needs to comply with this law 5:09
New York State and their own version of this law 9:22
When to file and how it effects new LLC’s 13:02
If you enjoyed this episode, please rate, review and share it!
Links:
When Do You Actually Need an Accountant?
LISTEN & SUBSCRIBE HERE
When Do You Actually Need an Accountant?
Are you a creative entrepreneur who’s been wondering when you should hire an accountant or if you’ll be able to just do your own taxes?
In today's episode, I’m breaking down some of the most common scenarios that you might want to consider actually hiring an accountant and when you can just do your own taxes as an entrepreneur.
Join me in this informative episode to learn the best times to consult an expert and why using an accountant might save you money in the long run.
LISTEN & SUBSCRIBE HERE
Are you a creative entrepreneur who’s been wondering when you should hire an accountant or if you’ll be able to just do your own taxes?
In today's episode, I’m breaking down some of the most common scenarios that you might want to consider actually hiring an accountant and when you can just do your own taxes as an entrepreneur.
Join me in this informative episode to learn the best times to consult an expert and why using an accountant might save you money in the long run.
Also mentioned in today’s episode:
When it’s a good time to consult an accountant 5:33
Why it’s not as expensive as you think to hire an accountant 8:30
Tax returns and what you’re paying for 11:00
Tax planning and strategy and why it’s important to consult an accountant 21:15
Understanding your taxes 26:15
If you enjoyed this episode, please rate, review and share it!
Links:
https://www.sunlighttax.com/deductionsguide
What I've Learned from Doing Artists' Taxes
LISTEN & SUBSCRIBE HERE
What I've Learned from Doing Artists' Taxes
ArtWitch Podcast: Permission to Thrive + Money Mindsets
Tax expert and artist Hannah Cole discusses all things money with Art Witch Podcast host Zaneta of Brooklyn, New York. They also talk about mindfulness in this nearly hour-long podcast interview.
Hannah speaks about empowerment for creative people (especially for BIPOC people and women) and they talk about smashing the patriarchy. They discuss issues people have with earning and having money and how to change your attitude. What can you accomplish when you are not trying to run from money issues and fear of the IRS?
In this episode artist and tax expert Hannah Cole joins ArtWitch host Zaneta to talk all about money.
Art Witch Podcast with Zaneta
Tax expert and artist Hannah Cole discusses all things money with Art Witch Podcast host Zaneta of Brooklyn, New York. They also talk about mindfulness in this nearly hour-long podcast interview. How did Hannah go from being an artist to also being a tax expert and running a membership program?
Hannah speaks about empowerment for creative people (especially for BIPOC people and women) and they talk about smashing the patriarchy. They discuss issues people have with earning and having money and how to change your attitude. What can you accomplish when you are not trying to run from money issues and fear of the IRS? Taking control of your money and finances will give you the time and space you need to thrive in your creative career. We can shift what we think we're allowed to access, and we can find permission to thrive in our art practices.
What action steps can we take to get control of our money and our taxes? Hear about how to take advantage of the new tax credits from the recent American Rescue Plan stimulus bill that freelancers need to know about. “Involuntary” home schooler parents need to take advantage of the family leave credits. What can you do as a freelancer to prepare for tax season? What is the brand new retroactive change to unemployment tax laws from the stimulus? What advice does Hannah have for people who haven’t filed their taxes yet?
Listen to the interview below! Check out all of Art Witch’s podcast episodes here. Sign up for the free March 30 Masterclass that Hannah mentions in the broadcast here.
Unemployment Tax Savings from the 2021 Stimulus Bill
President Biden recently signed the American Rescue Plan into law, and it has some very exciting provisions for people who collected unemployment during 2020. Hannah Cole of Sunlight Tax created the following short video to give you the latest information about how the new law will apply to unemployment income.
Hannah goes through specific information about unemployment taxes affected by this retroactive legislation. Hannah covers what you need to know, whether you have already filed your 2020 taxes or whether you have not filed yet.
If you or your spouse collected unemployment in 2020, you need to watch this video!
Photo by Nataliya Vaitkevich from Pexels
President Biden recently signed the American Rescue Plan into law, and it has some very exciting provisions for people who collected unemployment during 2020. Hannah Cole of Sunlight Tax created the following short video to give you the latest information about how the new law will apply to unemployment income.
Hannah goes through specific information about the unemployment taxes affected by this retroactive legislation. Hannah covers what you need to know about filing, whether you have already filed your 2020 taxes or whether you have not filed yet. She goes through a few scenarios to show how much you can save depending on your current tax rate and whether more than one person in your household was collecting unemployment last year.
Here’s what Hannah has to say:
What the tax savings is on $10,200 of unemployment income (thanks Democrats!), and a shoutout to those of you who called, texted & knocked to get out the vote--you had a hand in this tax bill that will lift 50% of American children out of poverty and take a meaningful step towards guaranteed income for families with children. You made a difference. Americans (of all parties) will benefit from your work! Thank you!!!❤️🇺🇸
Watch the blog for a longer post about the entire stimulus bill coming soon!
How Can Freelancers Benefit from New Tax Laws?
Hannah Cole had an interview with Matt Peiken of Blue Ridge Public Radio in North Carolina last week. She discussed the new tax laws and some of the areas where artists and other freelancers can benefit from them, like sick and family leave credits.
Hannah’s short interview on BPR Radio
Image via StartupStockPhotos on Pixabay
Hannah Cole had an interview with Matt Peiken of Blue Ridge Public Radio in North Carolina last week. She discussed the new tax laws and some of the areas where artists and other freelancers can benefit from them, like sick and family leave credits.
Although she talked to Matt for about an hour, the broadcast only contained a short clip. You can listen to Hannah and read about the tax law changes in her discussion with Matt in the article on the BPR website.
If you missed the live Shuttered Venue Operators Grants webinar mentioned in the article, click here to sign up to get the replay video.