If you were paying attention to your tax situation in January of this year, you may have heard that the IRS is offering a reprieve to some taxpayers when it comes to penalties for the late payment of estimated taxes. Now, less than month before...
Now that the Tax Cuts and Jobs Act (TCJA) is active legislation, you are likely to see its impact on your tax return this year. As you get ready to file your taxes you are likely to have questions about exactly how tax reform affects...
If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction...
If you faced a divorce or other legal proceedings recently, you may have been quite eager to leave them in the past and start anew. Unfortunately, you may have to deal with them again—or at least their financial aftermath—now that tax season is here because...
If there’s one thing to be said about the changes brought about by the passing of The Tax Cuts and Jobs Act (a.k.a. tax reform) it’s that there are a lot of them. So many, that as a busy freelancer—and especially if you also maintain...
On June 21, 2018, the United States Supreme Court ruling in South Dakota v. Wayfair (138 S.Ct. 2080 [2018]) eliminated the prohibition on a state imposing sales tax collection responsibilities on businesses that have no physical presence in that state. Due to this ruling, certain...
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...