Itemized vs. Business Deductions: Ending the Confusion

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If you’re a creative entrepreneur, you may be confused about itemizing vs business deductions, and whether to itemize or take the standard deduction when you’re filing your taxes. 

Today, I’m diving into the details of business deductions and itemizing as a creative, the differences between the two, and exactly how to know if you should be itemizing. I’m also sharing the civic side of taxes and some of the built-in biases that exist within our tax system.    

Also mentioned in today’s episode: 

• Schedule C and who gets to file it 3:09

• What are business deductions 6:25

• The standard deduction for 2022 12:09

• What are itemized deductions 14:25

• The difference between itemized deductions and business deductions 22:05

• The equity issues behind itemized and standard deductions 23:36

• Why the tax code favors home ownership 29:10

• Exactly how to know if you itemize 32:40

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

Links:

https://www.sunlighttax.com/deductionsguide

Perfectionism as a Creative Entrepreneur

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Most creative people are motivated to make incredible work. We might even strive for perfection.

In this episode, I’m talking about how perfectionism is actually holding you back as a creative entrepreneur. I share a vulnerable story about my own perfectionism, talk openly about real fears you may be having, and some actionable ways you can get past them, and get the most out of your money and keep moving forward. I’m also sharing how the topic of perfectionism relates specifically to the IRS (guess what? The IRS doesn’t ask you to be perfect!), to your estimated quarterly taxes, and why you should stop worrying about being perfect when it comes to your taxes.

Also mentioned in today’s episode: 

• Understanding the balance between doing good work and 

• How a desire to good do work relates to perfectionism in the art world

• My personal story of perfectionism 

• Why you should stop trying to be perfect when it comes to your taxes 

• How perfectionism will mess up your estimated quarterly taxes

• What the IRS really cares about 

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

Links:

https://go.sunlighttax.com/register

https://www.sunlighttax.com/deductionsguide

Roth vs Traditional IRA: Does it Even Matter?

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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:

https://go.sunlighttax.com/register

https://www.sunlighttax.com/deductionsguide

What's Going on in the Economy Right Now?

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Today, a timely bonus episode: I’m breaking down what’s going on in the economy right now, both in the US and globally, including whether or not we’re heading toward a recession, whether that actually matters, and how you can benefit from one.  I’m also deep diving into some of the common economic terms like inflation and interest rates, and how it affects the economy at large, and you as a creative entrepreneur. 

Listen in to hear some important and exciting information about my program Money Bootcamp, including a 3-day flash sale: my only sale of the season.

Also mentioned in today’s episode: 

• Are we heading toward a recession and what is a recession? 4:40

• Will a recession affect you as a creative entrepreneur? 6:10

• How you can benefit from a recession 7:23

• Why interest rates are rising 8:01

• What’s happening economically globally 15:17

• I Bonds 20:40

• My program Money Bootcamp and how it’s changed 24:14

• Announcing the one and only sale of this season: flash sale on Money Bootcamp ends Friday 9/30 at midnight

Links:
To get $200 off Money Bootcamp for 3 days only go to:

https://www.sunlighttax.com/moneybootcampflashsale

Paddy Johnson: Real Talk on How to Succeed in the Arts

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Can you solve the art world’s problem’s for us in one sentence, Paddy?

“Ask for more.”

Paddy Johnson is a writer, educator and the founder of VVrkshop, an online platform designed to help artists and art professionals connect with other artists, get more shows, residencies and grants.  

In today’s episode, Paddy and I talk about some of the inherent problems facing professional artists today and why it’s so important to build a strong network and community when working as a career artist.  Paddy unlocks the real reason you should be sending a weekly newsletter, makes a startling confession, talks about her “24 hour fix,” and even makes me cry.

Also mentioned in today’s episode: 

• Conservatism in the art world 3:41

• Finding the right program for you as an artist 7:38

• Income inequality in the art world 12:00

• Why you should be asking for more money as an artist 16:36

• The importance of a network and community when working as an artist 22:01

• A good solution to art problems 26:30

• Confidence as an art professional 27:30

• The real key to why you should send out your weekly newsletter 31:00

• How to effectively network and build relationships 33:07

• Paddy’s confession 36:00

• VVrkshop and Netvvrk and the reason why Paddy started her programs 41:47

• The 24-hour fix 48:00

• Paddy makes me cry 49:00

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

Links:

W.A.G.E., Working Artists and the Greater Economy. 

Connect with Paddy: 

Paddy’s membership: https://www.vvrkshop.art/

Watch Paddy’s free class How to Get More Shows