THE SUNLIGHT TAX BLOG:
Tax and Money Education for Creative People, Freelancers and Solopreneurs
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Proof You're Doing Fine: Break Even Point
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Proof You're Doing Fine: Break Even Point
I often see creative entrepreneurs struggling with mindset issues when it comes to the idea of being an official business owner and not knowing when to file their Schedule C.
Today, I explain why it’s important to know when the IRS recognizes your business as official, the self-employment tax deductions you can take advantage of once you start your business and what the breakeven point is when you’re an entrepreneur.
LISTEN & SUBSCRIBE HERE
I often see creative entrepreneurs struggling with mindset issues when it comes to the idea of being an official business owner and not knowing when to file their Schedule C.
Today, I explain why it’s important to know when the IRS recognizes your business as official, the self-employment tax deductions you can take advantage of once you start your business and what the breakeven point is when you’re an entrepreneur.
Also mentioned in today’s episode:
Why the first year in business is a very tax advantaged year 2:50
How to know when your business has officially started according to the IRS 4:18
When to file your first Schedule C 7:05
Normalizing the idea of spending money before earning a profit as a sole proprietor 10:44
The economic and business idea of a breakeven point 14:56
Income tax and how the IRS defines a business and the importance of profit motive 19:28
If you enjoyed this episode, please rate, review and share it!
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Mileage: The Best Tax Deduction You're Missing
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Mileage: The Best Tax Deduction You're Missing
Today, I’m talking about one of the best tax deductions you should be taking as a creative entrepreneur and one that often gets missed: the mileage deduction.
In this episode, I explain why you should track business mileage for your taxes and how to get the most out of this tax deduction. I’m also sharing some easy, actionable steps for you to get started with keeping track of your mileage today.
LISTEN & SUBSCRIBE HERE
Today, I’m talking about one of the best tax deductions you should be taking as a creative entrepreneur and one that often gets missed: the mileage deduction.
In this episode, I explain why you should track business mileage for your taxes and how to get the most out of this tax deduction. I’m also sharing some easy, actionable steps for you to get started with keeping track of your mileage today.
You can get a 20% discount on MileIQ using this code: HCOL124A This is an affiliate link, but I want you to know that I use MileIQ in my own business, because I think it’s the best one.
Also mentioned in today’s episode:
The two different ways you can take mileage deduction 3:04
Why mileage can be such an awesome tax deduction for entrepreneurs 5:55
How to make keeping track of your mileage easy 6:39
Keeping track of your mileage in 2022 8:58
Actionable tips for getting started with mileage today 10:05
If you enjoyed this episode, please rate, review, and share it!
Links:
Erika Hess: Podcasting, Art, Motherhood and Widening the Circle
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Erika Hess: Podcasting, Art, Motherhood and Widening the Circle
10 things I've learned doing artists' taxes
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What I've Learned from Doing Artists' Taxes
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