CPA for Freelancers

Taxes, Accounting, & Business Advice for the Self-Employed

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A Freelance Business Owner’s Guide to Virtual Currency

Cryptocurrencies, a type of virtual currency, are controversial everywhere around the world. One thing that is for sure, at least for the moment, is that they are here to stay. With BTC hitting over $50,000 and the US Securities and Exchange Commission approving a cryptocurrency stock exchange-traded fund (ETF), to China’s crypto bans, these coins […]

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NYS Postpones Key Tax Filing Deadlines including the extension deadline of October 15, 2021

On September 17, 2021, New York State (NYS) extended the State Disaster Emergency declaration related to Hurricane Ida (now categorized as a post-tropical depression). As a result of this declaration, NYS has postponed certain tax filing deadlines, including the extension deadline of October 15, 2021, until January 3, 2021. This applies to taxpayers in the […]

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FBAR Relief Now Available to Victims of Recent Natural Disasters Until December 31, 2021

FinCEN (Financial Crimes Enforcement Network) announced that it will be providing FBAR relief to victims of recent natural disasters. This means that FBAR filers affected by recent natural disasters have until December 31, 2021 to file. According to FinCEN, victims of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, […]

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10 Things Every Business Owner Should Know About Taxes…Before Tax Time

Being your own boss seems nice at first, but if you don’t watch out, come tax time, there can be some nasty surprises in store for you. Sticking your head in the sand won’t make it go away and, year after year, it will just accumulate until you will just have to deal with it. […]

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Individual and Business Tax Deadlines for New York and New Jersey Freelancers Affected by Hurricane Ida Extended to January 3, 2022

If you are an individual freelancer, sole proprietor, or business owner operating under another entity type in New York and New Jersey you may have until January 3, 2022, to file individual and business tax returns and make estimated tax payments, if you have been affected by Hurricane Ida. In addition to the filing deadline […]

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How to Increase Your Freelance Prices

Price increases are a normal part of doing business. Whether you need to raise prices to adjust to inflation or you want to offer an upgraded product, few businesses continue to offer the same price for an extended period of time and stagnant prices can kill a business. Customers are typically understanding of a price increase […]

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New Restaurant Return-to-Work Tax Credit Helps NYS Restaurant Owners

If you own a small, independent restaurant in New York State (NYS), you may be eligible for the State’s new return-to-work tax credit, which is part of the 2021 state budget legislation and provides qualifying restaurants with a tax credit of up to $50,000 and $5,000 per net new hire. To qualify for the tax […]

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Keep Your Freelance Finances On Track With These Budgeting Apps

As we head into the dog days of summer, now is the time to take a few moments to look ahead to the final quarter of the year so you can plan ahead financially. This is especially important for self-employed business owners and freelance professionals who should be extra vigilant about keeping your personal and […]

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The SBA Makes PPP Loan Forgiveness Easier for Freelance Businesses

The U.S. Small Business Administration (SBA) just made applying for forgiveness of Paycheck Protection Program (PPP) loans under $150,000 easier with the introduction of an online portal where borrowers of PPP funds can directly apply for forgiveness without involving their bank lender. This change is good news if you are a freelancer who leveraged a […]

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Should Freelancer’s Opt-In to New York’s New Pass-through Entity Tax?

Recent changes in the federal state and local tax (SALT) deduction are having a ripple effect in New York and several other states, too. This may impact your freelance business because New York State (NYS), among others, is now instituting a new irrevocable pass-through entity tax to offset the shortfall they are experiencing on revenue […]

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