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 […]

On September 17, 2021, New York State (NYS) extended the State Disaster Emergency declaration related to Hurricane Ida (now categorized as a post-tropical depression). As a result of this declaration, NYS has postponed certain tax filing deadlines, including the extension deadline of October 15, 2021, until January 3, 2021. This applies to taxpayers in the […]

Being your own boss seems nice at first, but if you don’t watch out, come tax time, there can be some nasty surprises in store for you. Sticking your head in the sand won’t make it go away and, year after year, it will just accumulate until you will just have to deal with it. […]

If you are an individual freelancer, sole proprietor, or business owner operating under another entity type in New York and New Jersey you may have until January 3, 2022, to file individual and business tax returns and make estimated tax payments, if you have been affected by Hurricane Ida. In addition to the filing deadline […]

If you own a small, independent restaurant in New York State (NYS), you may be eligible for the State’s new return-to-work tax credit, which is part of the 2021 state budget legislation and provides qualifying restaurants with a tax credit of up to $50,000 and $5,000 per net new hire. To qualify for the tax […]

When the COVID-19 pandemic started hitting Americans hard in spring 2020, and many businesses were required to close locations, some were hit harder than others. Restaurants, bars and entertainment venues were impacted most seriously of all, because aside from delivery services, they couldn’t work remotely as could professional services businesses. Congress enacted the Coronavirus Aid, […]

This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. You can read part one here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These changes include: More workers and working families […]

The American Rescue Plan has introduced changes to these key 2021 tax credits related to child and dependent care which can be a valuable way to lower your tax obligations. Child & Dependent Care Credit Increased for 2021 Only In 2021 the amount of the child credit and eligible expenses for child and dependent care […]

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 unemployment benefits are tax-free. The first $10,200 in unemployment […]

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 can claim and you have a web of potential deductions […]