CPA for Freelancers

Taxes, Accounting, & Business Advice for the Self-Employed

Sign up for NewsContact

Blog

Covid-Era Business Meal Deductions May Take a Bite Out of Your 2021 Freelance Taxes

If you have already filed your freelance taxes for 2020, you may have noticed that your deductions for meal expenses were considerably lower than in past years. While this could be because you had fewer business meals due to the COVID-19 pandemic, it is also attributable to the major changes in entertainment and meal expense […]

Read More
The May 15 Deadline is Almost Here! Freelance Tax Deduction Checklist

The May 15 tax deadline is only a few days away, so there’s no time to waste if you haven’t already filed your taxes. To help you maximize your freelance tax deductions and reduce your 2020 tax bill, here’s a handy checklist. You can also access a full summary in this PDF from CPA for […]

Read More
The Latest COVID-19 Relief Package and Your Freelance Taxes

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 […]

Read More
A New Window of Opportunity for Freelancers Who Need a PPP Loan Opens Today

On Monday, February 22, President Biden announced an important new opportunity for micro-businesses to more easily access the Paycheck Protection Program (PPP) which provides loans to businesses who have experienced a loss of revenue due to the COVID-19 pandemic. The changes, which create a 14-day window of improved access to the funding for businesses with […]

Read More
A New Form 1099 is Coming...Here's What You Need to Know

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 owner should receive from any client you did work for […]

Read More
Freelancer Alert! Temporary Relocation May Impact Your Tax Obligations

The pandemic has been motivating factor in some freelancers moving to avoid being in a hotspot for the virus or to be closer to family. While it can be advantageous to move in some regards, it may also affect your tax situation, so it’s important to know what is considered an actual move and how […]

Read More
Self-Employed? Here’s What You Need to Know About PPP & EIDL Loans

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 […]

Read More
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 […]

Read More
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 […]

Read More
FAQs About Economic Impact Payments for Freelancers

Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. Please note: the IRS is currently working on a website with a portal for individuals to provide their banking information to the IRS. It is not known yet when this portal […]

Read More
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram