New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
Sunlight Tax
In this episode of the Sunlight Tax podcast, I break down the One Big Beautiful Bill Act and what it means for taxpayers like you. I explain the campaign promises written into this bill—including the “no tax on tips” provision, the “no tax on overtime” benefit, and the new deductions available for seniors. My goal is to help you clearly understand how these changes may impact your taxes, your income, and your financial planning. If you want to stay ahead of new tax laws and make the most of these opportunities, this episode is for you. Also mentioned in today’s...
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Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits
Sunlight Tax
In this episode, I dive into the new tax law called the One Big Beautiful Bill Act, focusing on two major updates: the car loan interest deduction and the expiring energy tax credits. I explain why understanding these new tax rules matters, especially if you’re considering a clean vehicle tax credit or planning energy efficiency improvements for your home. With key deadlines approaching, I want to give you clear, actionable insights so you can maximize your tax benefits and make the most of these opportunities before they expire. Also mentioned in today’s episode: 01:00...
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Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
Sunlight Tax
In this episode of the Sunlight Tax podcast, I talk about Trump’s new tax law, officially called the “One Big Beautiful Tax Bill.” I break down its key points, how it impacts different income groups, the updates to clean energy tax credits, and what it means for self-employed people and freelancers. I also emphasize why it’s so important to understand tax laws, and I encourage you to share this information with anyone who might benefit from it. Also mentioned in this episode: 00:00 Introduction to the New Tax Bill 04:13 Overview of the Tax Bill's Key Points 11:49 Impacts...
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Design Spotlight: The Power of Branding, Human Connection, and Creative Strategy in the Age of AI with Reggie Tidwell & Tim Scroggs of 40 Hearts
Sunlight Tax
In this episode of the Sunlight Tax podcast, I talk with Reggie Tidwell and Tim Scroggs, the founders of the design agency 40 Hearts. We dive into their journey as designers, explore the impact of AI on the creative industry, and discuss why community and branding matter so much during times of economic uncertainty. Our conversation highlights the need for genuine human connection and the enduring value of creativity in navigating challenges. Also mentioned in today’s episode: 02:52 Meet the Designers: Reggie Tidwell and Tim Scroggs 08:38 Creating Enduring Value in Design 11:58...
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Money Cheat Sheet for the Overwhelmed
Sunlight Tax
Today, I’m sharing an article I wrote where I give a practical financial overview and is a personal finance cheat sheet for anyone feeling overwhelmed with their finances and taxes. Listen to this episode to get some finance tips to help you feel more secure as an entrepreneur when it comes to your money. Also mentioned in today’s episode: 02:50 Understanding the Emotional Impact of Money 06:06 Basic Steps to Avoid Financial Disaster 08:55 Debt Management Strategies 12:37 Saving and Investing for the Future 15:52 Empowerment Through...
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Money Talks: A Conversation with My Gen Alpha Daughter
Sunlight Tax
In this episode of the Sunlight Tax Podcast, I had the joy of interviewing my daughter, Farrah, about her very first job and everything she’s been learning about managing money. We talked about the excitement of earning her own income, the value of saving and starting a Roth IRA early, and how taxes work. We even touched on the idea of net worth. Farrah shared some really thoughtful insights about spending wisely and why she thinks financial education is so important for kids her age (Gen Alpha). It was also fascinating to see how her perspective reflects some of the generational...
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My #1 Tip to Make Your Kid a Millionaire
Sunlight Tax
In this episode of the Sunlight Tax Podcast, I’m discussing the benefits of tax-advantaged savings for children, specifically focusing on a Roth IRA for kids. I explain how parents can open a custodial Roth IRA for their kids, the advantages of a Roth IRA, and the importance of teaching children about compound interest and financial literacy. This episode also emphasizes the long-term benefits of starting early with investments and how this can empower the next generation financially. Also mentioned in today’s episode: 00:00 Introduction to Tax-Advantaged Savings for Kids 01:50...
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Mindset Shift: How to Own More in Your Life
Sunlight Tax
In this episode of the Sunlight Tax Podcast, I’m discussing the critical role of ownership in building wealth, particularly in the context of personal finance and the tax code. I’m sharing my personal journey of negotiating ownership of my work while writing a book, emphasizing the importance of recognizing one's value in collaborative projects and the benefits of investing. This episode encourages listeners to reflect on their own ownership and value in various aspects of life. Also mentioned in today’s episode: 00:00 The Importance of Ownership in Wealth Building...
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The Shockingly Simple Math of Making Your Taxes Easier
Sunlight Tax
In this episode of the Sunlight Tax podcast, I talk about something that can feel overwhelming for a lot of us: taxes and bookkeeping, especially if you're a self-employed person. I share why having a positive mindset around money stuff really matters and how it can actually make tax season a lot less stressful. I also introduce my new workbook, which is designed to help you move past some of those mindset blocks that can make dealing with taxes feel so heavy. Throughout our chat, I offer practical tips, like why it’s so important to have a separate bank account for your business, and how...
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The Child Care Tax Credit
Sunlight Tax
Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share how you can use it during the summer months when sending your children to summer camp. I’m also talking about the difference between a tax credit and a tax deduction and why a credit is more beneficial to the taxpayer. Join me in this episode to learn how you can take advantage of this tax credit and how it can apply to you. Also mentioned in today’s...
info_outlineIn this episode, I break down the essentials of self-employment tax and explore how forming an S Corporation can unlock valuable tax benefits. I walk through key tax strategies, what makes an S Corp worth considering, and why understanding state regulations matters for self-employed entrepreneurs like us.
I also highlight how strong bookkeeping, proper payroll, and strategic financial planning help protect your business income and maximize your tax return. If you’re navigating entrepreneurship and want to keep more of what you earn, this episode offers practical, real-world guidance.
Also mentioned in this episode:
00:00 Understanding Self-Employment Tax
03:25 The Benefits and Risks of S Corporations
06:20 Criteria for Forming an S Corporation
11:55 Navigating State Regulations and Compliance
Takeaways
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Self-employment tax is 15.3% for self-employed individuals.
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An S Corporation can help save on self-employment taxes if criteria are met.
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Forming an S Corp requires running payroll and compliance with employment laws.
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You cannot undo an S Corp election for five years.
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Check state regulations as some may tax back S Corp benefits.
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Consistent profit over $60,000 is a key criterion for forming an S Corp.
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Bookkeeping is essential when operating as an S Corp.
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Having more money than time indicates readiness for an S Corp.
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Professional guidance is crucial when forming an S Corp.
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Be cautious of advice from unlicensed sources regarding taxes.
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Links:
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.