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Payment Processing Systems: The Key to Faster Cash Flow for Freelance Businesses

Cash flow is the lifeblood of any business. For self-employed freelancers this is particularly true. If you are a mobile freelancer operating a business model that require you to go on-site to service your clients you need a payment solution that will go with you. If you operate an e-commerce business or accept online payments for your business then read on for tips on how to select the right payment processor. For many self-employed IT professionals, business consultants, accountants and other independent service providers, Bevel Advance Payments platform is the go-to recommendation of our team. Why? Because the Bevel Advance

The American Families Plan Act May Put Freelance Business Income Under the IRS Microscope

A fairer tax system for all is the intended objective of new tax reporting requirements for financial institutions, according to government agencies such as the IRS and the U.S. Department of the Treasury (USDT). In theory, implementing new compliance regulations will better track the income and tax reporting of wealthy Americans. According to the USDT, a recent study found that the wealthiest 1% failed to report 20% of their income and failed to pay nearly $175 billion in taxes owed annually. Obviously, this is not fair to other taxpayers, and it also represents a huge loss in revenue for the

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 are hot. What does that mean to you, the business owner? Answers to FAQs About Cryptocurrencies and Your Business Taxes The Internal Revenue Service considers virtual currencies to be property and the income associated with the sale of that property, or income received from your

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 counties affected include Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster, Westchester, and contiguous counties. Deadlines for filing the following tax returns occurring on October 15, 2021, have been postponed to January 3, 2022: • Personal income tax •

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, and Tornadoes, and Tropical Storm Fred have until December 31, 2021, to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2020 calendar year. The FBAR for calendar year 2020 otherwise would be due on or before October 15, 2021. FinCEN is offering

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. It doesn’t have to be this way. And with a bit of planning and knowledge, you can be one of the success stories of a self-employed person, not one of the statistics. File your taxes. Every year. Hire a tax professional. They will be your

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 being extended, the IRS also abating late payment fees and penalties related to these tax payments, but interest will still be charged based on the original due date. This relief also postpones various tax filing and payment deadlines starting on September 1, 2021. If you

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 but it’s very important to communicate these prices correctly. Here are some tips for freelancers to help you implement a price increase while maintaining your client relationships: Tips for increasing your freelance pricing the right way: The first rule of implementing a price increase is

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 credit, restaurants must: Be small and independently-owned; Operate in New York City, or in areas that were designated as an Orange Zone or a Red Zone for at least 30 consecutive days by the State Department of Health during the COVID-19 emergency; Demonstrate COVID-related losses

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 business finances on track. To help you do so, the CPA for Freelancer’s Team has reviewed some of the best personal and business budgeting apps. Take a look to see which ones might work for you: The Three Best Budgeting Apps for Household Expenses: YNAB

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