If you own a freelance business, you need to be aware of the new reporting requirements effective Jan. 1, 2024 under the Corporate Transparency Act (CTA). This rule applies to you if you have a corporation, S-Corp, LLC or any…
In 2020 the SECURE Act 2.0 was passed with some critical impacts for freelance businesses with a solopreneur owner and those freelance businesses with employees. Here are some key provisions that freelance business owners should be aware of regarding the…
As a freelance business owner, if you travel for work to attend conferences or see clients related to your business, you are generally eligible to subtract any ordinary and necessary expenses you incurred such as transportation, airfare, meals, and accommodations.…
Are you one of the nearly 1.5 million people across the country who has an outstanding 2019 tax return? If so, you only have a few weeks to claim your refund before the July 17, 2023, deadline after which your…
If you are a freelancer doing business in New York State and you have not filed your taxes in any of these categories: income tax, corporate tax, or sales tax, you may be eligible for New York State’s Voluntary Disclosure…
Avoid Penalties by Filing Your 2022 Taxes by the June 15 Do you operate your freelance business while traveling or living abroad? If so, and you are a U.S. taxpayer, it is critical for you to file your 2022 federal…
The IRS recently announced its 10-year strategic operating plan, which lays out how the agency will deliver tax services in the next decade and how it will allocate the $80 billion funds it received as part of the Inflation Reduction…
If you receive a bonus it is usually a cause for celebration, at least in the short term. Whether you receive a bonus on a contractual basis, as a performance award, or for an end-of-the-year perk, it is important to…
If you are a freelancer who has received restricted stock units (RSUs) as part of your compensation, you need to ensure that you are withholding taxes appropriately, or else you could end up owing money to the IRS at the…
Not sure you can pay your freelance tax bill or file this year’s tax return on time? Like any taxpayer who doesn’t meet their tax obligations, you may owe a penalty. You may also owe multiple penalties, depending on your…
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