CPA for Freelancers

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A Freelance Business Owner’s Guide to Virtual Currency

Cryptocurrencies, a type of virtual currency, are controversial everywhere around the world. One thing that is for sure, at least for the moment, is that they are here to stay. With BTC hitting over $50,000 and the US Securities and Exchange Commission approving a cryptocurrency stock exchange-traded fund (ETF), to China’s crypto bans, these coins […]

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IRS Issues New Guidance on Payroll Protection Program Loan Forgiveness

If you were able to get a loan under the Payroll Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS which may impact your taxes. PPP loan forgiveness, self-employment income and your taxes Based on the new PPP guidance available to date (which is fluid and […]

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What Freelancers Need to Know About Payroll Protection Program Loan Forgiveness

The Payroll Protection Program (PPP) loan fund is now officially tapped out, but if you were able to secure an SBA loan through this program for your freelance business it is important to know how the forgiveness of this loan will work on your 2020 tax return. First, let’s look at what are considered qualified […]

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What Freelancers Can Expect to Receive from The CARES Act

Today the emergency relief bill, now known as The CARES ( Coronavirus Aid, Relief, and Economic Security) Act, was passed to help bolster the U.S. economy as the country battles the coronavirus. The new law covers a broad cross-section of the economy—including the freelance sector. Of particular note, the relief package gives jobless workers bigger […]

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Freelance Tax Returns Still Due April 15, Payments Delayed Until July 15

Things are changing rapidly for the freelance community and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief to address the enormous impact of the corona virus, here are the immediate changes all freelancers need to be aware of: The IRS has extended the payment deadline for federal taxes until […]

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Four Reasons to File Your Freelance Taxes Early (and When You Should Wait to File Until Tax Day)

The IRS is now open for the business of filing 2019 tax returns. If you are a person who likes to get things done, and you have all of your tax documentation in hand, don’t fight the urge to file early. Even if you have been a procrastinator in years past when it comes to […]

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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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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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