When I write anything I agonize over the title. Does it match the general mood I really hope to express? In my case, a poor title might cost me a few readers. But titles can matter much more in certain company. One art critic I know insists on being called “Mrs. X” instead of her first name. Another acquaintance, with a PhD in Philosophy, prefers to be called “Doctor Continue reading this post >
Ready for some good times?
I love the holidays. Lights. Friends gathering. Tax planning.
I know what you’re thinking: one of those three doesn’t belong… but tax planning CAN be a whole festival of fun, even for creative people, because it can save you lots (and I mean lots) of money. Just like holiday shopping, though, there’s a clear deadline to tax planning. If Continue reading this post >
Much like artists generally have themes that run through their work, a prevailing theme you’ll find in financial planning is, “take advantage of tax shelters whenever possible.”
What’s a Tax Shelter?
Right now, the concept of a tax shelter might be Continue reading this post >
In the 1986 classic movie Wall Street, Bud Fox (played by Charlie Sheen) is a young up-and-coming stockbroker who’s trying to make his mark in the world of finance. As he’s adjusting his tie before a big meeting with the titan Gordon Gekko, he says, “Life is made up of a few big moments. This is one of them.”
Well believe it or not, if you expect to receive a tax Continue reading this post >
While I love the promise of a new year, the threat of an upcoming tax season is absolutely exhausting! I think we creatives have it doubly bad; we work from the energy of bending rules and pushing boundaries. There are no bendable boundaries or rules with the IRS. Instead, it’s a simple game: do it right, the first time, on time, and you win. Everything else is Continue reading this post >
I know Halloween was last week, but let’s keep the fun alive with some financial horror stories. Didn’t you love horror stories as a kid? I liked them…until I tried to sleep. Then, more often then not, I spent the night staring at the ceiling, sure that at any minute some disconfigured arm would grab me from under the bed.
The bad news is that we all have friends who have Continue reading this post >
Sounds too good to be true, doesn’t it?
I realize I talk a lot in Abundance Bound workshops and this blog about avoiding “too good to be true”.
But there’s a good chance that you’ll be able to easily implement THE SAME strategy I used to pocket more money NOW.
How did I do it? Easy. I paid attention to taxes.
How can five little letters (t.a.x.e.s.) put people to sleep so easily? It’s the same for me. I can’t stand tax discussions. Continue reading this post >
I’m facing a big tax bill. Every year I have trouble putting away money for quarterly taxes. What’s a good trick to get money saved?
Here’s my favorite technique to save money: save into a central savings account that’s difficult to reach, then pay yourself a separate amount into checking from this fund. Have money automatically deducted from this central savings account each month for your tax bill before you pay yourself money to live so that you don’t face these Continue reading this post >
Let’s start with a basic tenant that you may already know: a large tax refund isn’t something to jump up and down about, unless you’re angry. A refund is exactly what it sounds like: a return of cash that you overpaid to the government. It’s money that could have been used on your craft, credit card debt or cash reserve. Instead, you sent the money to Washington and let them hold it for you.
Guess what interest rate you charged the Continue reading this post >
Right now, you’re probably receiving tons of tax documents. 1099’s from clients, W2’s from employers, statements from loans and savings plans….all kinds of important stuff. I hear all the time that people lose documents or can’t find one piece of paper and have to file an extension. This extra document you’re filing because you can’t find forms is time you could be using on your craft!
Here’s another idea:
- Create a tax basket and place it near your front door (or wherever Continue reading this post >