New York City has reduced the Unincorporated Business Tax (UBT) credit for higher‑income taxpayers. The change applies retroactively to January 1, 2026 and may increase taxes for self‑employed New Yorkers in the current tax year. For freelancers, sole proprietors, and…
The NYC UBT: A Hidden Tax Many Freelancers Don’t Know They Owe As a New York City (NYC) freelancer, you already juggle multiple layers of taxation: federal, state, city, and self-employment. However, there’s one more tax that often catches freelancers…
If you’re a freelancer, consultant, or small business owner who builds, designs, codes, or creates good news. The Big Beautiful Bill Act (OBBBA), passed in 2025, introduced major changes to how research and development (R&D) expenses are treated for tax…
If you have been paying attention to the headlines, you know that the tax landscape has just shifted—again. On July 4, 2025, President Trump signed a major tax reform package into law, informally known as the “One Big Beautiful Bill…
In response to the federal cap on state and local tax (SALT) deductions introduced by the 2017 Tax Cuts and Jobs Act, New York State implemented the Pass-Through Entity Tax (PTET)—a strategic workaround designed to preserve tax benefits that can…
President Trump’s “Big, Beautiful” tax bill is getting a lot of press these days. As a freelance business owner, staying informed about potential tax policy changes is crucial for business planning and to ensure you are ready to take action…
Have you filed your freelance taxes yet? If not, it’s definitely time to gather your tax documentation, maximize deductions, and use these tips to avoid costly mistakes before the April 15 deadline. While there’s plenty of questionable tax advice out…
The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, has significant implications for freelancers and all business owners. This new regulation requires most businesses to report information about their owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) using a Beneficial Owners Information report (BOI). This is completely separate from any…
A 529 plan is one of the most popular savings plans for education savings for good reason: it can provide tax-free investment growth and withdrawals for qualified education expenses.However, there are some other important uses and caveats that you may…
If you own a freelance business that was formed in New York State, you are now officially required to report information about your business ownership and more at both the state and the federal level. This is because as of…