CPA for Freelancers

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

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Learn How the New Tax Rules May Make Your Freelance Retirement More SECURE

The new year brings with it some important changes to retirement savings laws which may impact your freelances taxes and retirement accounts. First, the Internal Revenue Service (IRS) has increased the contribution limits for 401(k)s and other retirement plans as follows starting January 1, 2020: Maximum employee contribution rises $500 – from $19,000 to $19,500 […]

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Catch These Year-End Freelance Tax Deductions Before Dec. 31

There are only a few weeks left until the end of the year, which means your window for leveraging last-minute tax deductions for 2019 is rapidly closing. Here’s the run-down on what you can do to snag these tax-saving deductions for your freelance business before the ball drops on Dec. 31. Measure up your home […]

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Updated Information About HSAs: Your Healthcare Coverage Decision— What It Means for Your Freelance Taxes

Please note the clarification below in regard to Health Savings Accounts (HSAs). As a self-employed freelancer, electing whether or not you have healthcare coverage is a big deal. There’s obviously the impact on your own physical well-being and the out-of-pocket costs, but there’s also the impact on your taxes. So while open enrollment season is […]

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Your Healthcare Coverage Decision— What It Means for Your Freelance Taxes

As a self-employed freelancer, electing whether or not you have healthcare coverage is a big deal. There’s obviously the impact on your own physical well-being and the out-of-pocket costs, but there’s also the impact on your taxes. So while open enrollment season is here, it’s worth taking stock of how your healthcare status may affect […]

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The Tax Gift Every Freelancer Should Give Themselves Before December 31

Thanksgiving is just around the corner…which means the holiday season is about to kick into high gear with food, festivities and for many of us, giving gifts to family and friends. While being generous to others at this time of year is certainly in keeping with the spirit of the season, consider gifting yourself with […]

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Get Ready to Claim Virtual Currency on Your Freelance Tax Return

If you are one of the thousands of taxpayers who received a letter from the IRS this summer to inform you of your tax obligations related to virtual currency, it should come as no surprise that the IRS is ramping up their efforts to enforce laws in this area. If you haven’t been contacted by […]

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Updated Special Per Diem Rates May Impact Your Freelance Expenses

A few months ago, we shared advice on how to manage freelance expense deductions using either the traditional itemized deduction approach (which requires receipts for every expense and to-the-penny recordkeeping of each category of your travel expenses) or the per diem method where you use the per-diem rate established by the federal government for its […]

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Who Knew? Reward Points and Rebates May Increase Your Freelance Tax Bill

What’s not to love about credit card rewards, purchase incentives and manufacturer rebates? A potentially higher tax bill for one thing. If that’s news to you, you aren’t alone. While many of us love to collect reward points, get cash back or use travel miles as a perk for purchasing with a credit card or […]

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Check Out the IRS’s New Freelancer-Friendly Estimated Tax Tool

It’s no secret that the freelance and gig economy is growing, which means more self-employed people who must pay taxes. This fact hasn’t gone unnoticed by the Internal Revenue Service (IRS) which, of course, has a special interest in ensuring that self-employed individuals pay all the taxes they are obligated to in a timely fashion. […]

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Two Ways to Get a Handle on Your Freelance Travel Expenses

If you are a freelancer who travels for work or who hires subcontractors to travel on your behalf, then you are likely already aware how time-consuming keeping track of travel expenses for tax purposes can be. Getting a handle on your freelance travel expenses doesn’t have to be complex, but it does require discipline to […]

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