Now that the Tax Cuts and Jobs Act (TCJA) is active legislation, you are likely to see its impact on your tax return this year. As you get ready to file your taxes you are likely to have questions about exactly how tax reform affects your freelance business. To help, we’ve compiled this list of […]

If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction to lower your tax liability as much as possible. If […]

If you faced a divorce or other legal proceedings recently, you may have been quite eager to leave them in the past and start anew. Unfortunately, you may have to deal with them again—or at least their financial aftermath—now that tax season is here because under the new Tax Cuts and Jobs Act (TCJA) laws […]

If there’s one thing to be said about the changes brought about by the passing of The Tax Cuts and Jobs Act (a.k.a. tax reform) it’s that there are a lot of them. So many, that as a busy freelancer—and especially if you also maintain a 9-to-5 job—it’s unlikely that you can keep up on […]

If you are considering dropping your health insurance, given that the current tax penalty for not having coverage will be lifted starting in 2019, you are not alone. According to recent research, the elimination of Obamacare penalties may reduce the number of subscribers to individual and small-group insurance plans by 500,000. Here is a general […]

If you have ever been employed, you are likely familiar with the W-2 tax form (a.k.a. the IRS “Wage and Tax Statement”).  An employer must send a copy of this form to their employee and one to the IRS to report wages paid and the total tax withheld from those wages. If you have been […]

The end of the year offers many opportunities to give financially to charitable institutions who need your help. While your generosity is likely motivated by your internal drive to do good for others, it can also provide your freelance business with valuable tax deductions, creating a win-win situation. To ensure your charitable contributions are working […]

At this time of year, it often feels like there are a lot of outgoing expenses—gifts, holiday entertaining and all the extras that go along with the holiday season. However, there are things that freelancers can do before December 31 to offset extra spending. The basic strategy is to maximize all available tax savings for […]

There are significant changes to tax deductions that freelancers who financed their home or a secondary residence with a mortgage loan will see starting this coming tax season. The bottom line? On your 2018 tax return you will have a significantly lower limit for the deduction of mortgage and home equity loan interest, which may […]

Love it or hate it, the holiday shopping season is officially here. While your regular holiday buying spree certainly won’t help your bank account balance, if you are planning to make some purchases for your freelance business, you may see a little holiday bonus on your tax return come April. This is due to the […]