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Are You Facing Failure-to-File Penalties for Your Freelance Taxes? The IRS Just Announced Relief for 2019 and 2020 Penalties  

The IRS just announced that it will automatically provide relief from failure-to-file penalties including a broad range of tax and information returns for 2019 and 2020 tax years. This could be good news if you did not file your taxes for these years. If you have already paid the penalties, the IRS will also automatically […]

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Serious About Scaling with Crypto? The New Infrastructure Bill Shows the IRS is Serious About It, Too.

Given that the new infrastructure bill mainly allocates funding for public works projects, you may not be aware that the bill also puts in place new reporting requirements for individuals trading and using cryptocurrency which begin January 1, 2023. While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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Reduce Your 2021 Freelance Taxes? Charitable Gift Deductions May Help

It’s a great feeling to be able to help others—and it’s even better if you get some added benefit, too. This is the kind of win-win situation that The Taxpayer Certainty and Disaster Tax Relief Act of 2020 made possible by allowing tax payers to deduct up to $600 of charitable contribution regardless of whether […]

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Using the Employee Retention Credit? The New Infrastructure Bill May Cut the Benefits Early

The Infrastructure Investment and Jobs Act is heading to President Biden’s desk to be signed and when it is, it may mean that the Employee Retention Credit will be terminated earlier than the original guidance issued by the IRS. This means that the infrastructure legislation ends the employee retention credit (ERC) early, making wages paid […]

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Payment Processing Systems: The Key to Faster Cash Flow for Freelance Businesses

Cash flow is the lifeblood of any business. For self-employed freelancers this is particularly true. If you are a mobile freelancer operating a business model that require you to go on-site to service your clients you need a payment solution that will go with you. If you operate an e-commerce business or accept online payments […]

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The American Families Plan Act May Put Freelance Business Income Under the IRS Microscope

A fairer tax system for all is the intended objective of new tax reporting requirements for financial institutions, according to government agencies such as the IRS and the U.S. Department of the Treasury (USDT). In theory, implementing new compliance regulations will better track the income and tax reporting of wealthy Americans. According to the USDT, […]

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A Freelance Business Owner’s Guide to Virtual Currency

Cryptocurrencies, a type of virtual currency, are controversial everywhere around the world. One thing that is for sure, at least for the moment, is that they are here to stay. With BTC hitting over $50,000 and the US Securities and Exchange Commission approving a cryptocurrency stock exchange-traded fund (ETF), to China’s crypto bans, these coins […]

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NYS Postpones Key Tax Filing Deadlines including the extension deadline of October 15, 2021

On September 17, 2021, New York State (NYS) extended the State Disaster Emergency declaration related to Hurricane Ida (now categorized as a post-tropical depression). As a result of this declaration, NYS has postponed certain tax filing deadlines, including the extension deadline of October 15, 2021, until January 3, 2021. This applies to taxpayers in the […]

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FBAR Relief Now Available to Victims of Recent Natural Disasters Until December 31, 2021

FinCEN (Financial Crimes Enforcement Network) announced that it will be providing FBAR relief to victims of recent natural disasters. This means that FBAR filers affected by recent natural disasters have until December 31, 2021 to file. According to FinCEN, victims of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, […]

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10 Things Every Business Owner Should Know About Taxes…Before Tax Time

Being your own boss seems nice at first, but if you don’t watch out, come tax time, there can be some nasty surprises in store for you. Sticking your head in the sand won’t make it go away and, year after year, it will just accumulate until you will just have to deal with it. […]

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