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Already Filed Your Freelance Taxes? Here’s When to File an Amended Return

The big news on the tax front from last week was that the individual tax deadlines for federal and some state income taxes were extended to May 17, 2021. New York State is one of the states which chose to extend the deadline in keeping with the IRS decision to do so—be sure to check […]

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The IRS Just Extended the Deadline to May 17—Here’s What You Need to Know

The IRS announced yesterday that the deadline for individual taxes is now extended to May 17—giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the deadline was pushed out to until mid-July. Here are the […]

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The Latest COVID-19 Relief Package and Your Freelance Taxes

The latest COVID-19 relief bill has become law. The American Rescue Plan Act, was signed by President Joe Biden on Thursday and it contains several tax provisions which may impact your freelance taxes. Below is a summary of the key tax implications to be aware of: 2020 unemployment benefits are tax-free. The first $10,200 in unemployment […]

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9 Key COVID-19 Deductions and Tax Credits That Could Lower Your 2020 Freelance Taxes

The emergence of the COVID-19 virus made 2020 a very unusual tax year—with both The CARES Act and The HEALS Act being passed with significant tax changes. Add into the mix Payroll Protection Program loans and the regular list of deductions that freelance business owners can claim and you have a web of potential deductions […]

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A New Window of Opportunity for Freelancers Who Need a PPP Loan Opens Today

On Monday, February 22, President Biden announced an important new opportunity for micro-businesses to more easily access the Paycheck Protection Program (PPP) which provides loans to businesses who have experienced a loss of revenue due to the COVID-19 pandemic. The changes, which create a 14-day window of improved access to the funding for businesses with […]

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New IRS Form Helps Freelancers Determine Eligibility for Sick Leave and Family Leave Credits on 2020 Tax Return

If you were sick in 2020  or the beginning of 2021 due to COVID-19, or you had to take time away from your freelance business to care for a family member who was, you’ll want to see if you are eligible for qualified sick and family leave equivalent tax credits with IRS Form 7202, “Credits for […]

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The Application for the New Round of PPP Funding is Now Available

One of the key provisions of the new HEALS Act is a second round of the Paycheck Protection Program (PPP) loans. On January 9, the Small Business Administration (SBA) released its application for businesses to apply to receive “PPP2” funding. There is more than $284 billion allocated for forgivable “PPP2” loans with a reduction in […]

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The Second Round of PPP Loans Are Available to Freelancers for First-Time Applicants—And They Can Be Forgiven On Your Taxes

The recently passed $900 billion stimulus package is now law. There are several key components of the legislation, including a new round of funding via Paycheck Protection Program (PPP) loans, which can help your freelance business if your income has been negatively impacted by the pandemic. However, you should also be aware of how participating […]

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A New Form 1099 is Coming...Here's What You Need to Know

There’s a new twist on income reporting that freelancers will need to take note of on their 2020 tax return. The IRS has introduced Form 1099-NEC, a separate form from the standard Form 1099-MISC. This new form is one that you as a freelance business owner should receive from any client you did work for […]

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How Will the NEW COVID-19 Stimulus Bill Impact Your Freelance Taxes? Here’s What We Know.

Amid all of the doom and gloom related to the continuing COVID-19 pandemic, on December 21 Congress provided a ray of hope with a $900 billion stimulus package—just in time for the holidays. While there are provisions in the bill for individuals, healthcare workers and small businesses, there are some particular perks for freelancers—especially if […]

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