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Showing off her new bangs, Taylor Swift hit the red carpet (in another red dress) at Billboard’s Sixth Annual Women in Music event at the Capitale today in New York City. Singer Nicki Minaj and Katie Couric were on hand for the event as well.

Swift was on hand to accept the Billboard’s Woman of the Year award. At 21, Swift is the youngest artist ever to receive the honor. The annual award celebrates the achievements of a trailblazing female recording artist during the past 12 months and acknowledges her overall success and leadership in the music business.

PHOTOS: Taylor Swift’s Silver & Gold Red Carpet Moments

Her 2010 album Speak Now arrived with debut-week sales of 1 million units and has sold more than 3.7 million.

Also, Swift has donated more than $1 million to charity in the past year. Her efforts have raised money and awareness for causes including clean water, literacy and disaster relief.

Find out who Taylor’s role models are…

Given the Woman of the Year honor, what women do you consider to be your role models, and why?

I have a lot of role models. Faith Hill is a big role model. Reese Witherspoon is a role model of mine-she’s not in music, but I love everything she stands for. Shawn Colvin is a huge model for me. Her writing has been consistently great and thoughtful and wistful and beautiful. And also-[he's] not a girl-but Kris Kristofferson has been a big role model for me. When I look at people who I feel have really lived their lives and recorded their lives in music so beautifully, those are my role models. They’ve all taught me lessons just by example.