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 […]

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 […]

Price increases are a normal part of doing business. Whether you need to raise prices to adjust to inflation or you want to offer an upgraded product, few businesses continue to offer the same price for an extended period of time and stagnant prices can kill a business. Customers are typically understanding of a price increase […]

The U.S. Small Business Administration (SBA) just made applying for forgiveness of Paycheck Protection Program (PPP) loans under $150,000 easier with the introduction of an online portal where borrowers of PPP funds can directly apply for forgiveness without involving their bank lender. This change is good news if you are a freelancer who leveraged a […]

As a freelancers and self-employed business owner,  you are no doubt extremely busy running from gig to gig, getting the work done, and having  little time left over for yourself.  Like the shoemaker who often goes without their own shoes, you may be neglecting something very important: the need to protect yourself from the financial […]

Amy M. Bergman, SHRM-SCP, SPHR, President, Insight HRM Are you holding back your freelance business from scaling up to the size and scope you want it to be? If you’ve been operating as a freelancer and have maxed out your capacity to take on additional work then you are your greatest asset and your main bottleneck!  […]

Do you receive payments for your freelance business through peer-to-peer (P2P) payment apps such as Venmo, PayPal and Facebook or other mobile platforms? If so, it’s important to know how income from these apps will impact your freelance taxes. In fact, because of the potential for transactions to “fall through the cracks” of your regular […]

Now that the extended tax deadline of May 17 is behind us, it appears the IRS is planning to play catch-up on issuing refunds to eligible taxpayers this week—including for taxes paid on up to $10,200 of 2020 unemployment compensation which, under the American Rescue Plan (ARP), was eventually excluded from taxable income. The $10,200 […]

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 freelancers have more time to make contributions to their individual […]

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 with the IRS decision to do so—be sure to check […]