CPA for Freelancers

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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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PPP Loan Forgiveness May Impact Your Freelance Taxes, Here’s What You Need to Know

Based on recent IRS guidance, any Payroll Protection Program (PPP) loan forgiveness may have a tax impact on your freelance business. How much this will impact your tax obligations depends on the extent to which you are applying for forgiveness based on overhead and other third party costs, which will not be deductible on your […]

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Plan for Your Freelance Retirement Now—Start By Reviewing 2021 Contribution Limits

In a sure sign that the end of the year is just around the corner, the Internal Revenue Service (IRS) announced cost‑of‑living adjustments for the dollar limitations for pension plans and other retirement-related items for tax year 2021. Here’s what freelancers should take note of from the irs.gov announcement: The income ranges for determining eligibility to […]

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The Self-Employment Tax Wage Threshold is Rising. Time to Change Your Freelance Business Entity?

The Social Security Administration (SSA) recently announced an increase to the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage threshold for these taxes will increase to $142,800 in 2021 up from $137,700 in 2020. The OASDI tax rate is 6.2%, Self-employed freelancers will pay these taxes at […]

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How the IRS Final Rule on Entertainment and Meal Deductions May Impact Your Freelance Taxes

The major changes to entertainment and meal expense deductions brought about by the Tax Cuts and Jobs Act (TCJA) in 2017 may be a distant memory for many freelancers, but the IRS is still in the process of finalizing them, a move which may impact your tax obligations. The original guidance under the TCJA essentially […]

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Will the DOL’s Proposed 5-Factor Worker Classification Rule Impact Freelancers?

In an effort to further clarify whether a worker is an employee or an independent contractor under the Fair Labor Standards Act (FLSA), the U.S. Department of Labor (DOL) recently announced a proposed rule to adopt a five-factor an “economic reality” test. This test considers whether a worker is in business for themselves, acting as […]

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Freelancer Alert! Temporary Relocation May Impact Your Tax Obligations

The pandemic has been motivating factor in some freelancers moving to avoid being in a hotspot for the virus or to be closer to family. While it can be advantageous to move in some regards, it may also affect your tax situation, so it’s important to know what is considered an actual move and how […]

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