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  As an Artist or Creative Tax Season can be daunting or seem limiting to the untrained eye. It’s not uncommon to owe money back to the IRS at the end of the year if quarterly payments are not made as a business or as an individual/sole proprietor if you’re doing contractual work. However, the truth is Tax deductions, if you know what to look for, can be a taxpayer's best friend. Understanding the intricacies of tax deductions can empower taxpayers to make informed decisions and optimize their financial strategies throughout the year including budgeting, tracking, and correct allocations.  Now, you may be saying to yourself, “I can only do but some much!”  Let’s take a closer look. What are Tax Deductions? Tax deductions are expenses or contributions that taxpayers can subtract from their gross income that reduces the amount of income subject to taxation. Here are common Tax Deductions.  Standard Deduction: The standard deduction is a fixed amount that taxpayers can claim. It provi

  Money, Credit Repair, Debt Cancellation, Credit Worthiness... These all seemed like big words, BIG ideas, BIG goals to me...I'd look at the numbers and feel overwhelmed by the weight of my reality until I began to understand that Money like everything else in my life was a Relationship I had to build and required my full attention. "Money = Choices, Options, Freedom. - Emmy Award Winning Actress, Viola Davis." I started with understanding Money better... I knew what I wanted - but didn't know how to get there. As an Artist, my short-term goals, mainly as a gig worker, were to be able to travel for auditions, afford workshops and lunch/dinner dates with friends & to see shows without hesitation. Long-term, I wanted to have an emergency fund saved up, liquidity in my assets and a higher credit score to make large investments such as a mortgage or business loan if need be. (Photo: Jacob's Pillow - Dance Scholar Summer Intensive) Financial Literacy and Financial

  It can be challenging to determine how to get yourself out of a financial rut. You may be completely unsure about your financial strategy and ability to meet your objectives. And being in this rut is largely the result of poor financial decisions made over a period of time.  Financial confidence is the understanding that you have control over your finances. Put another way: When you’re financially confident, you have faith in your ability to manage your money successfully. Try these:  1. Use a monthly budget to take control of your finances. A budget can be a very useful tool to help you be more aware of your financial situation. With a budget, you will no longer be standing on the sidelines watching your money getting spent every month. A budget will help you plan exactly where you want your money to go. You can focus on financial goals that matter to you. And you can also track your progress, which will give you the confidence boost you need. Start by tracking your spending and ma

It is more common to know you need financial help than it is to seek that help. One reason consumers may be reluctant to seek financial help is the myriad of confusing choices of financial professionals and what each may or may not be able to do.  There are two main categories of financial practitioners: financial coaches and financial advisors .  Here is a top-level view:  Financial Coach A financial coach works with clients to address the client’s behavioral relationship with money. They often help with issues of money management and budgeting and are often sought out for help with short-term goals, especially when there are money management issues involved. For example, if you’re looking for guidance on what you need to do to qualify for a mortgage and have some credit issues to work out, a financial coach is the person you’re looking for. You don’t need to have financial problems to work with a coach, but financial problems may be a sign that you should work with a coach. Spending

  How does Money feel about You? I know....you don't have to say it. Money doesn't have feelings - or does it? Anything you attract in Life - first envision, it already belonging to you. So check your Money Relationship Status. For many people financial stability is closely tied to a sense of security and peace of mind. The pressure to meet financial obligations, such as bills, loans, and expenses, can create a constant undercurrent of anxiety that permeates various aspects of life; making it feel less attractive and more of a nuisance, hassle, bother, or private shame. The Stress of Financial Strain Financial stress can stem from mounting debt, job insecurity, or unexpected expenses, the burden of financial strain can take a toll on mental and emotional health. Chronic stress related to money can cause night terrors, breathing problems, heart dysfunction, impaired cognitive function, and strained relationships. Why deal with that? Why do it the hard way? W