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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

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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

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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

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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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freelance taxes for retirement

The SBA Makes PPP Loan Forgiveness Easier for Freelance Businesses

The U.S. Small Business Administration (SBA) just made applying for forgiveness of Paycheck Protection Program (PPP) loans under $150,000 easier with the introduction of an online portal where borrowers of PPP funds can directly apply for forgiveness without involving their bank lender. This change is good news if you are a freelancer who leveraged a PPP loan for your business during the pandemic. The introduction of the new expedited PPP loan forgiveness portal, which is scheduled to go live on August 4, 2021, is expected to  speed relief to the millions of small businesses that took out PPP loans during

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CPA for Freelancers Estimated taxes

Should Freelancer’s Opt-In to New York’s New Pass-through Entity Tax?

Recent changes in the federal state and local tax (SALT) deduction are having a ripple effect in New York and several other states, too. This may impact your freelance business because New York State (NYS), among others, is now instituting a new irrevocable pass-through entity tax to offset the shortfall they are experiencing on revenue from SALT, which is a result of The Tax Cuts and Jobs Act (TCJA) of 2017. In many states, especially those with higher than average property taxes, like New York, the SALT deduction cap of $10,000 from the TCJA changes resulted in a tax increase

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CPA for Freelancers Advice for Self-Employed

Why Every Freelancer Needs Workers’ Compensation Insurance

As a freelancers and self-employed business owner,  you are no doubt extremely busy running from gig to gig, getting the work done, and having  little time left over for yourself.  Like the shoemaker who often goes without their own shoes, you may be neglecting something very important: the need to protect yourself from the financial impact of work accidents. Think about the impact of being out of work due to an accident on the job. Can you cover all of your expenses if you cannot work? Unless you are independently wealthy, you will need workers’ compensation insurance.  The good news

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Top 5 Tips for Scaling Up Your Freelance Business

Amy M. Bergman, SHRM-SCP, SPHR, President, Insight HRM Are you holding back your freelance business from scaling up to the size and scope you want it to be? If you’ve been operating as a freelancer and have maxed out your capacity to take on additional work then you are your greatest asset and your main bottleneck!  If you want to continue to grow your business, it may be time to consider hiring professionals to compliment your own skills.  Here are 5 key tips to hep you transition from an overworked freelancer to a healthy business owner. Assess. Reflect upon where your

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Hot Topic: Can Freelancers Get the Employee Retention Tax Credit?

When the COVID-19 pandemic started hitting Americans hard in spring 2020, and many businesses were required to close locations, some were hit harder than others. Restaurants, bars and entertainment venues were impacted most seriously of all, because aside from delivery services, they couldn’t work remotely as could professional services businesses. Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act at the end of March 2020, with a variety of business and individual tax credits, loans, deductions and deferrals intended to ease the burden on these businesses, and help them make it through the roughest months. One of the

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non-deductiible employee expenses

Hot Topic: Can Freelancers Get the Employee Retention Tax Credit?

When the COVID-19 pandemic started hitting Americans hard in spring 2020, and many businesses were required to close locations, some were hit harder than others. Restaurants, bars and entertainment venues were impacted most seriously of all, because aside from delivery services, they couldn’t work remotely as could professional services businesses. Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act at the end of March 2020, with a variety of business and individual tax credits, loans, deductions and deferrals intended to ease the burden on these businesses, and help them make it through the roughest months. One of the

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