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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 walk, when it comes to getting in on this tax amnesty, because once it closes on May 31, 2016 penalties will continue to accumulate, along with taxes and interest. Do you qualify for this amnesty? You do if you meet one of these two basic

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Cash Flow

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 to do is consider the money that the IRS is returning to you as a windfall or an excuse to blow your budget. Instead, you’ll get more long-term satisfaction and benefit if you use your tax refund to fortify your freelance business in one (or

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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 consider filing Form 4868, the Application for an Automatic Extension of Time, with the IRS. In addition to your federal taxes, you may be required to make separate extension filings for your state tax or other returns specific to the state(s) in which you have

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Overlooked Tax Deductions

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 you spend surrounded by your calculator, Form 1040, receipts and other tax documents, by doing so you may be leaving significant sums of money in Uncle Sam’s pockets. As a taxpayer, you have the right to claim every legal tax deduction available—and “Go for the

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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 that has already been issued to you if you are a certified “seriously delinquent” taxpayer. So, if you owe $50,000 or more in back taxes and penalties and you don’t want to have John Kerry as your vacation planner, or find yourself stuck in a

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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 to claim the home office deduction was as complex as the plot line on Game of Thrones and required meticulous record keeping. Sometimes those who qualified for the deduction found it a hassle to calculate (it requires a separate form, Form 8829) or claimed an

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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, then pull the covers over your head and hide. Seriously, don’t fret because you can do this! Let’s review what you need to do. Tips for filing your business taxes as an S Corp: One of the major tax benefits of an S Corp is

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CPA for Freelancers NYC Taxes

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 Public Accountant (CPA) or tax professional this tax filing season (and beyond), you’d better do so quickly before all the good ones are “taken.” The truth is, you can always wait a little longer for Mr. or Mrs. Right, but if want your taxes professionally

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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 IRS audit. So what’s a freelancer or self-employed individual to do? Crawl under a rock and hide? No! How about checking out the following tips brought to you by the trusty CPA for Freelancers® team to help you start out on the right foot when

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Entity Formation

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 squeeze you for every tax dollar it thinks you owe. Or that you can’t prove you don’t owe. Fortunately, there is good research on which taxpayers and activities are most likely to catch the attention of the IRS’s computers, leading to a red flag that

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