Episodes #48, #62, & #85
In this episode, Jennifer brings back tax professional, Hannah Cole, to further assist in navigating the complexities of taxes for creative and self-employed individuals. She sheds light on the complexities of self-employment tax, income tax, the privilege of deducting business expenses, and the importance of staying informed about quarterly tax payments. They talk about W2, W4, & W9s, LLCs, the dates for quarterly tax payments, self-employment tax rates, and tips for issuing and receiving 1099 forms. They also share practical insights on estimating taxes, staying organized with bookkeeping, and learning to track one’s income and expenses. Plus, they address the lack of tax education, offering a release from guilt or shame associated with a lack of knowledge.
In this episode, Jennifer talks again to tax professional and artist, Hannah Cole, who returns after Ep. 48 Taxes 101 for Artists. This time, they chat all about the concept of “fuck you money” and its power in granting personal agency. Hannah emphasizes the need for a personal finance plan that goes beyond budgeting and focuses on building a surplus of money. She outlines an order of operations for financial success, including establishing an emergency fund, paying off high-interest debts, the significance of investing and utilizing tax-advantaged accounts to grow assets over time. They talk about shifting our mindset around money and viewing it as a neutral tool rather than something inherently negative so that we can empower ourselves to take charge of our financial well-being.
In this episode, Jennifer talks to tax expert Hannah Cole all about the taxes for artists. Hannah breaks down the basics for how to set oneself up for success in tax season, creating distinctions within your accounts, the differences between W2s/W4s/1099s, what deductions are given to businesses, Schedule C’s, bookkeeping and more. They give tangible artist examples, talk about the emotional hurdles all of this can bring up, and the way to begin to feel empowered around your finances so that you can truly set yourself up for success.
About Our Guest
Have you ever been flooded with shame while sitting across from an accountant? Have you felt too embarrassed to ask or even formulate your questions? Maybe even doubted your own career as you watched someone who does not get your world or see the value and mission behind what you do look at you through the lens of your income?
That is not going to happen today. Hannah Cole is a tax expert who specializes in working with creative businesses and mission-driven solopreneurs. A long-time working artist with a high-level exhibition history, the financial challenges of freelancers and small creative businesses are both relevant and personal to Hannah. Her specialty is communicating complex tax issues in a clear, creative-centered, empowering way. She founded her company, Sunlight Tax, with a mission to serve visionary people, just like you, who are self-employed, with relevant tax and financial education, so you can bring your unique vision to the world. She’s helped tens of thousands of creative and mission-driven self-employed people skill up with accessible tax and money education through professional speaking engagements from Florida to Alaska, and on the Sunlight podcast. And she’s helped thousands of creative people organize for taxes, set up their businesses, and grow their “freedom funds” (or “F***-You Money”) through her program, Money Bootcamp. Hannah’s goal is to help you realize the full value of your vision in this world, and use your money as a tool (not an obstacle) to making that vision a reality.
Hannah’s Instagram Hannah’s Deduction Guide Hannah’s Podcast
