Actual* Experts
Did you know your hair appointment might be a tax write-off? Neither did we, until now. This week, Caitlin and Lundie sit down with Diana Gleason, founder of DG Accounting Agency and professional bookkeeper to over 150 clients, to answer the question: What actually is a tax deduction, and how do we use one? In this episode, we answer: * What even is a tax deduction, and how does it actually lower your bill? * What's the difference between a hobby and a side hustle in the eyes of the IRS? * Do you need to register an LLC to start writing off expenses? * What counts as "ordinary and necessary" and can you really write off your hair?* What's the difference between a W2 employee and a 1099 contractor, and how does tax work for each? * Should you file your taxes jointly or separately if you're married? * What's the biggest mistake people make when it comes to deductions? * When do you actually need a bookkeeper, and is it worth the cost? * Why should your tax strategy change depending on your life goals? * How far back can you go if you've missed deductions in previous years? We also learn why your tax strategy shouldn't always be "pay as little as possible" because your future mortgage might disagree. And Diana makes the case, both practical and personal, for why every woman needs to understand her own finances. This one is for every freelancer, contractor, side hustler, and creative who has ever panic-filed in April and wondered if the IRS is coming for them. (Less than 1% audit rate. Breathe.) Knowledge is power. Money is also power. Let's get both. Connect with Diana at dianagleason.com
21 Episoder
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