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Tax and Money Education for Creative People, Freelancers and Solopreneurs

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The Home Office Deduction

Today, I’m explaining the home office deduction including how you can calculate your own home office deduction when you’re filing your taxes as a creative entrepreneur this upcoming tax season.

Join me in this informative episode to learn a simplified way of calculating this important deduction and how you can make sure you’re getting the most out of it this tax season.

LISTEN & SUBSCRIBE HERE

Today, I’m explaining the home office deduction including how you can calculate your own home office deduction when you’re filing your taxes as a creative entrepreneur this upcoming tax season.

Join me in this informative episode to learn a simplified way of calculating this important deduction and how you can make sure you’re getting the most out of it this tax season.

Also mentioned in today’s episode:

What is a home office? 1:51
Calculating the home office deduction 7:16
Your deductible home office expenses 8:56
Personal vs. business time and how to calculate it 14:00
Calculating mileage when you have a home studio 16:30

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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Hannah Cole 2/21/23 Hannah Cole 2/21/23

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.

When Do You Actually Need an Accountant?

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

https://go.sunlighttax.com/free

Watch YOUTUBE Episode

Hannah Cole 2/17/23 Hannah Cole 2/17/23

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.

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.

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

Hannah Cole 1/31/23 Hannah Cole 1/31/23

1099s: Your Top Questions

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1099s: Your Top Questions

This week, I’m giving you a quick and practical episode answering some of the common questions I’ve received about 1099s so I can clarify any confusion before this upcoming tax season.

Join me in this episode to get important details and information about 1099s including what you should do if you don’t receive one from someone who’s paid you.

LISTEN & SUBSCRIBE HERE

This week, I’m giving you a quick and practical episode answering some of the common questions I’ve received about 1099s so I can clarify any confusion before this upcoming tax season.

Join me in this episode to get important details and information about 1099s including what you should do if you don’t receive one from someone who’s paid you.

Also mentioned in today’s episode: