CPA for Freelancers

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

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Attention All Red Sox Fans! Massachusetts Tax Amnesty is Now Available

If you live or own a business in Massachusetts and have not filed your business or individual tax returns, or you have underreported taxes, you have a special opportunity to get on track and pay no penalties through a state tax amnesty that will be open this April and May. You’ll want to run, not […]

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Don’t Let a Tax Refund Burn a Hole in Your Business—Use It Wisely!

If you were a savvy freelancer this past tax year, you may be anticipating a tax refund. If you are, congratulations! You deserve brownie points for getting your taxes filed ahead of schedule and for successfully meeting your tax obligations. Now the questions is what should you do with your refund? What you don’t want […]

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Down to the Wire on Your Taxes? Time to File an Extension

If you haven’t filed your federal income tax return yet, then panic. Hide. Run for the hills. After all, you know that the April 18 deadline is approaching faster than Taylor Swift on the hunt for her next boyfriend. In all seriousness, if you are not submitting your taxes by Tax Day, then you should […]

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Go for the Gold! Beyond Basic Freelance Tax Deductions

If you’re like many freelancers and self-employed individuals tax season can be a time of mild to moderate frustration, with a heavy dose of “git ‘er done” mixed in. While you may be tempted to stick to only basic tax deductions (your home office, office supplies, mileage, meals, etc.) in order to reduce the time […]

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Delinquent Taxpayer? John Kerry May Put the Kibosh on Your Foreign Travel Plans

Here’s something that went largely under the radar with the adoption of last year’s “Fix America’s Surface Transportation Act” (FAST Act): If you’re a “seriously delinquent” taxpayer, the Secretary of State is required to deny you a passport if you apply for one. The Secretary of State also has the power to revoke a passport […]

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Simplified or Actual Expense Home Office Deduction...Which Should You Use?

One of the most popular perks of being a freelancer is wearing your Star Wars pajamas to work. No, it’s having a home office (pajamas are optional). And, a home office, especially if you work at home full-time, can provide a significant tax deduction if you qualify. It used to be that the calculation necessary […]

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S Corp or a C Corp Owner? Time to Prep for the March 15 Tax Filing Deadline

If your freelance business is structured as an S corporation (S Corp) or a C corporation (C Corp) or an Esprit de Corps (just kidding) with a December 31 year end, then your tax filing deadline is right around the corner on March 15. If you haven’t started to get your business tax documentation together, […]

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7 Secrets to a Successful “First Date” with Your Tax Professional

There’s no avoiding it this week—the mushy cards and candy-filled aisles of every grocery and drug store aisle remind you that if you’re not coupled off in a romantic relationship already, you “should” be. In stark contrast, there are very few public reminders that if you want to build a productive relationship with a Certified […]

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New Freelancer? Beware of These Tax Booby Traps

Starting a freelance business can be as rewarding as climbing Mount Everest—or finding that lost sock in the laundry. While you’re elated to begin doing the work you love…if you’re not careful, that elation can turn to dread at tax time if you end up owing significant dollars in back taxes or worse, face an […]

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CAUTION! 10 Sure-fire Ways to Get Your Freelance Business Audited

The Internal Revenue Service is as close to a modern ogre myth as there is. Often described in terms similar to an evil creature like a troll, who waits for us to cross the bridge and then demands payment, the agency is actually just a cold bureaucracy, inefficient on good days, but still determined to […]

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