The IRS is now open for the business of filing 2019 tax returns. If you are a person who likes to get things done, and you have all of your tax documentation in hand, don’t fight the urge to file early. Even if you have...
Do you have a student loan that was recently discharged? If so, you may be eligible for tax relief on the value of the forgiven funds based on new guidance issued by the Internal Revenue Service (IRS). Read on to see if you qualify for...
Once you have your last estimated tax payment for 2019 taken care of this month (it’s due January 15), it’s time to focus on this year’s freelance tax return. After all, the sooner you get your 2019 taxes filed and out of the way, the...
The new year brings with it some important changes to retirement savings laws which may impact your freelances taxes and retirement accounts. First, the Internal Revenue Service (IRS) has increased the contribution limits for 401(k)s and other retirement plans as follows starting January 1, 2020: ...
There are only a few weeks left until the end of the year, which means your window for leveraging last-minute tax deductions for 2019 is rapidly closing. Here’s the run-down on what you can do to snag these tax-saving deductions for your freelance business before...
Please note the clarification below in regard to Health Savings Accounts (HSAs). As a self-employed freelancer, electing whether or not you have healthcare coverage is a big deal. There’s obviously the impact on your own physical well-being and the out-of-pocket costs, but there’s also the impact...
As a self-employed freelancer, electing whether or not you have healthcare coverage is a big deal. There’s obviously the impact on your own physical well-being and the out-of-pocket costs, but there’s also the impact on your taxes. So while open enrollment season is here, it’s...
Thanksgiving is just around the corner…which means the holiday season is about to kick into high gear with food, festivities and for many of us, giving gifts to family and friends. While being generous to others at this time of year is certainly in keeping...
If you are one of the thousands of taxpayers who received a letter from the IRS this summer to inform you of your tax obligations related to virtual currency, it should come as no surprise that the IRS is ramping up their efforts to enforce...
A few months ago, we shared advice on how to manage freelance expense deductions using either the traditional itemized deduction approach (which requires receipts for every expense and to-the-penny recordkeeping of each category of your travel expenses) or the per diem method where you use...