Mar 31, 2021
Laura and Nikki introduce you to Hannah Cole, an artist, educator, and founder of Sunlight Tax. Hannah educates fellow artists about taxes and money because she believes creative people are the empathy builders of our culture and when they're financially secure and empowered, they can make bigger, bolder work that will fix our broken world.
Her flagship program is Money Bootcamp, a membership which builds financial skills and fosters a healthy relationship with money and power so that artists can get back to changing the world with their important work. She teaches practical valuable life changing money skills in an art-centric and approachable style.
In this episode, we begin by hearing Hannah's Startist story, and then dig into some really useful tips artists can use as you work through your taxes this season! Although the general information she provides will apply to many artists, please note her tax expertise is focused on US taxes.
TOPICS DISCUSSED:
- Hannah’s Startist story (1:59)
- Balancing art and taxes (6:39)
- Managing her productive time (8:44)
- About Hannah’s art (10:01)
- Tax advice for artists (13:42)
- How the IRS identifies businesses vs hobbies (14:22)
- Tracking expenses and income (21:36)
- Separating business and personal finances (23:16)
- Should you become an LLC? (27:59)
- Deductible expenses (29:31)
- Can artists write off donations of art? (42:39)
- How much money do artists need to set aside for taxes? (45:50)
- Profit First (46:52)
- Sales tax (49:10)
- Hannah’s message to artists (56:28)
Read more and find links to all mentioned resources in the Startist Society show notes at startistsociety.com/sunlighttax/
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