If you are considering dropping your health insurance, given that the current tax penalty for not having coverage will be lifted starting in 2019, you are not alone. According to recent research, the elimination of Obamacare penalties may reduce the number of subscribers to individual...
If you have ever been employed, you are likely familiar with the W-2 tax form (a.k.a. the IRS “Wage and Tax Statement”). An employer must send a copy of this form to their employee and one to the IRS to report wages paid and the...
The end of the year offers many opportunities to give financially to charitable institutions who need your help. While your generosity is likely motivated by your internal drive to do good for others, it can also provide your freelance business with valuable tax deductions, creating...
At this time of year, it often feels like there are a lot of outgoing expenses—gifts, holiday entertaining and all the extras that go along with the holiday season. However, there are things that freelancers can do before December 31 to offset extra spending. The basic strategy is...
There are significant changes to tax deductions that freelancers who financed their home or a secondary residence with a mortgage loan will see starting this coming tax season. The bottom line? On your 2018 tax return you will have a significantly lower limit for the...
Many freelancers own residential or commercial rental real estate properties, the income from which helps to supplement their client work. If you are one of them, this article is a must-read because the rules related to rental property income are changing under tax reform (also...
Love it or hate it, the holiday shopping season is officially here. While your regular holiday buying spree certainly won’t help your bank account balance, if you are planning to make some purchases for your freelance business, you may see a little holiday bonus on...
As much as we all love working, the thought of retiring some day is also quite attractive. As a freelancer, your retirement savings are entirely in your hands, so you need to take every opportunity to save as much as you can. In 2019, thanks...
If you are keeping track of the rules related to the Tax Cuts and Jobs Act (TCJA) that are likely to impact you as a freelancer, you’ll want to take note of this one in regard to meal deductions. At the beginning of the year,...
While the litmus test for the benefits that the Tax Cuts and Jobs Act (also known as tax reform) may deliver to freelance taxpayers will likely be next tax season, there are several provisions of the bill that should, in theory, reduce the tax obligation...