The IRS recently announced that it is extending the deadline for taxpayers to contribute to their eligible retirement accounts and health savings accounts for the 2020 tax year until May 17, 2021 (the same day that individual tax filings are now due). This means that...
The big news on the tax front from last week was that the individual tax deadlines for federal and some state income taxes were extended to May 17, 2021. New York State is one of the states which chose to extend the deadline in keeping...
The IRS announced yesterday that the deadline for individual taxes is now extended to May 17—giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the...
The latest COVID-19 relief bill has become law. The American Rescue Plan Act, was signed by President Joe Biden on Thursday and it contains several tax provisions which may impact your freelance taxes. Below is a summary of the key tax implications to be aware of: 2020...
The emergence of the COVID-19 virus made 2020 a very unusual tax year—with both The CARES Act and The HEALS Act being passed with significant tax changes. Add into the mix Payroll Protection Program loans and the regular list of deductions that freelance business owners...
If you were sick in 2020 or the beginning of 2021 due to COVID-19, or you had to take time away from your freelance business to care for a family member who was, you’ll want to see if you are eligible for qualified sick and...
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...
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...
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...
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...