08 – Becoming Confident Handling Taxes & Accounting for Creatives with June Walker [Podcast]

JuneWalkerShow Summary

In this episode of the Make Creativity Pay Podcast, I talk to June Walker, author and tax advisor to the self-employed, about understanding deductions, deciding on a business structure, guarding against being seen as a hobbyist, handling liability, and finally becoming confident and empowered when it comes to taxes and accounting.

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Show Notes

In this episode you’ll learn:

  • A simple system that will help you to stop dreading accounting chores and start taking control.
  • A surprising answer to that sticky question – should you incorporate?
  • Common misunderstandings and how should you handle liability concerns.
  • The difference between a hobby and a business (people ALWAYS wonder about this!)
  • How to empower yourself to make the most of your deductions.

[2:02] How June helps creatives move past the dread of accounting and taxes.

[5:38] Why you should have simple systems in place even before you make any money.

[8:02] Why mindset doesn’t really matter – and what does.

[10:09] The key to becoming confident when it comes to deductions.

[11:37] What you need to know when dealing with CPAs.

[12:44] Should you incorporate?

[15:20] How do your protect yourself and your assets?

[19:25] Do you have a hobby or a business, and what will the government be looking for?

[22:13] Three keys to developing a powerful mindset.

[27:02] Summing up the creative indie power mindset.

[28:08] Common mistakes, misconceptions, and misunderstandings.

[30:43] How not to let the “big boys” intimidate you.

Transcript: Episode 8 June Walker

Links and Resources

The Confident Indie: A Simple Guide to Deductions, Income and Taxes for The Creatively Self-employed
June Walker, Tax Advisor to the Self-Employed

Music Featured on the Podcast

“Dreaming of One Day” (c) 2011, written and performed by Leanne Regalla

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About Leanne Regalla

Leanne is a writer and musician and the founder of Make Creativity Pay. She's on a mission to help creatives of all types to pursue their art without going broke, living in their cars, or starving to death.

Comments

  1. Taxes aren’t my favorite thing to do, but I’m pretty organized throughout the year. I keep copies of receipts for every purchase and of all of my royalty payments. My husband teases me because I’m a bit neurotic, but I’m a Virgo. It’s not my fault. ;)

    Thank you for all of the great information, June and Leanne!

    • Hi Elizabeth!

      I always thought I was organized, then realized when it was time to do taxes that I actually could have done a whole lot more to make my life easier come tax time. ;) It’s all a journey, I guess. I didn’t have the fortune of the stars granting me automatic neurotic tendencies. Haha!

  2. John says:

    This is a great first podcast topic, Leanne! Taxes and bookkeeping is such a challenge for many “indies,” artists, and solo-preneurs of all types. I enjoyed listening; especially when June talked about getting taxes and bookkeeping right the first time (to avoid costly clean-ups)! Terrific advice!

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