CPA for Freelancers

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It’s the Final Countdown for Extended Freelance Tax Returns Don’t Miss It the October 17 Deadline!

Did you run short of time last April when the regular tax filing deadline came? Hopefully, it was a rare occurrence and you took the smart step of filing an extension for your 2021 taxes. If so, the six-month window to get your taxes filed without additional failure to file and late payment penalties is […]

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Are You Facing Failure-to-File Penalties for Your Freelance Taxes? The IRS Just Announced Relief for 2019 and 2020 Penalties  

The IRS just announced that it will automatically provide relief from failure-to-file penalties including a broad range of tax and information returns for 2019 and 2020 tax years. This could be good news if you did not file your taxes for these years. If you have already paid the penalties, the IRS will also automatically […]

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The New Student Debt Relief and Your Taxes: What Freelancers Need to Know

There has been lots of talk about student loan forgiveness recently, especially after the past two years of Covid chaos which had a negative financial impact on many taxpayers. Now with inflation rising, the government has finally pushed through the American Rescue Plan legislation including student loan debt relief which may help your financial situation […]

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Four Key Tax Changes for Freelancers in the New Inflation Reduction Act

The Inflation Reduction Act (IRA) was passed by the U.S. senate and signed into law this month. When this happens, there will be some notable tax changes. Here is a summary of the ones with the most significance for freelance business owners: 1. Enhanced IRS enforcement could increase your risk of an audit. The IRA […]

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Traveling for Your Freelance Business? Don’t Let Tax Deduction Details Trip You Up

Business travel expenses can provide a freelancer with significant business expense deductions. However, deductible business expenses are subject to numerous rules which must be carefully followed, or you risk an unpleasant surprise if you are audited.  Let’s start with what qualifies as a business travel expense. The rules changed, temporarily, due to Covid and they […]

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Scaling from Solopreneur to an S-Corp?

If your freelance business is on a significant growth trajectory, congratulations! All of your hard work is paying off, and you may be considering switching your entity type from a sole proprietorship or limited liability company (LLC) to an S-corporation (S-corp) to take advantage of the payroll tax savings and other benefits (you can read […]

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Worried About the Impact of Inflation on Your Freelance Business? Here’s What You Need to Know to Avoid Higher Tax Bills

With all of the news coverage about inflation, it is hard not to think about where the economy is going and, for those of us who are self-employed, the perceived risks and threats may be amplified. Is this anxiety justified? Read on so you can judge for yourself and take the appropriate action to reduce […]

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Is Rental Real Estate Part of Your Freelance Income?

Here’s What You Need to Know About Related Losses Many self-employed individuals and freelancers invest in rental real estate properties to supplement their income or even get their real estate license to do the same. If you’re one of them, it’s important to understand how potential losses may impact your taxes. Understanding how the IRS […]

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Tax Deductions Are Few for Pro-Bono Freelance Work, Get in the Know

Like many freelancers who are good at what they do, you likely get approached by not-for-profit organizations (or friends who work for them) to provide pro bono services. That is, you do work and provide services without charge. This is a great way to gain exposure in a market as well as create some goodwill, […]

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Suddenly Self-Employed? Key Tips for Combining W-2 & 1099 Income

Given the focus in May on National Small Business Week, (May 1 to 7) and the end of the tax filing season, if you find yourself transitioning from regular wage-earning employment income (reported on a W-2) to self-employment (tracked by those who pay you on a 1099), or a combination of both income streams, you […]

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