If you were paying attention to your tax situation in January of this year, you may have heard that the IRS is offering a reprieve to some taxpayers when it comes to penalties for the late payment of estimated taxes. Now, less than month before...
If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction...
On June 21, 2018, the United States Supreme Court ruling in South Dakota v. Wayfair (138 S.Ct. 2080 [2018]) eliminated the prohibition on a state imposing sales tax collection responsibilities on businesses that have no physical presence in that state. Due to this ruling, certain...
If you have ever been employed, you are likely familiar with the W-2 tax form (a.k.a. the IRS “Wage and Tax Statement”). An employer must send a copy of this form to their employee and one to the IRS to report wages paid and the...
If you are keeping track of the rules related to the Tax Cuts and Jobs Act (TCJA) that are likely to impact you as a freelancer, you’ll want to take note of this one in regard to meal deductions. At the beginning of the year,...
Among the many changes brought about by the Tax Cuts and Jobs Act (TCJA) are those pertaining to what is known as the “Kiddie Tax.” These changes may be of special interest to you if you are a young freelancer and still being claimed as...
Now that we are getting down to the wire for filing individual taxes and those for freelance businesses structured as LLCs and corporations, it’s key to know the answers to these freelance tax FAQs so you can tackle your taxes in a timely manner. The...
Now that we’ve officially rung in a new tax year, it’s time to address the key provisions of the Tax Cuts and Jobs Act (TCJA) that are likely to impact you as a freelancer on a day-to day basis. One area that is worthy of immediate...
The end of the year is the perfect time to make a change to your business structure because doing so can afford you additional tax advantages in the coming year. While there are several business entity structures you can use for a freelance business, the...
Savvy freelancers know that proper tax planning can provide significant financial benefits that contribute to business growth. In this spirit, take note of these answers to frequently asked tax questions which can help to position your business for success: 1. Should I use a software system...