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…
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…
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’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…
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…
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…
In a sure sign that the end of the year is just around the corner, the Internal Revenue Service (IRS) announced cost‑of‑living adjustments for the dollar limitations for pension plans and other retirement-related items for tax year 2021. Here’s what freelancers…
The Social Security Administration (SSA) recently announced an increase to the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage threshold for these taxes will increase to $142,800 in 2021 up from $137,700…
The major changes to entertainment and meal expense deductions brought about by the Tax Cuts and Jobs Act (TCJA) in 2017 may be a distant memory for many freelancers, but the IRS is still in the process of finalizing them,…
In an effort to further clarify whether a worker is an employee or an independent contractor under the Fair Labor Standards Act (FLSA), the U.S. Department of Labor (DOL) recently announced a proposed rule to adopt a five-factor an “economic…
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