In 2020 the SECURE Act 2.0 was passed with some critical impacts for freelance businesses with a solopreneur owner and those freelance businesses with employees. Here are some key provisions that freelance business owners should be aware of regarding the…
Are You Eligible for the Earned Income Tax Credit (EITC)? Learn if you qualify and about special provisions for New York City residents. The Earned Income Tax Credit (EITC) is a federal tax credit designed to help low and moderate-income…
As the end of the year approaches, it’s key to make sure that you are keeping your records up to date in regard to all income and taxable revenue you are generating from any source. This includes hobby businesses. Many…
Did you run short of time last April when the regular tax filing deadline came? Hopefully, it was a rare occurrence and you took the smart step of filing an extension for your 2021 taxes. If so, the six-month window…
The Inflation Reduction Act (IRA) was passed by the U.S. senate and signed into law this month. When this happens, there will be some notable tax changes. Here is a summary of the ones with the most significance for freelance…
If your freelance business is on a significant growth trajectory, congratulations! All of your hard work is paying off, and you may be considering switching your entity type from a sole proprietorship or limited liability company (LLC) to an S-corporation…
With all of the news coverage about inflation, it is hard not to think about where the economy is going and, for those of us who are self-employed, the perceived risks and threats may be amplified. Is this anxiety justified?…
Here’s What You Need to Know About Related Losses Many self-employed individuals and freelancers invest in rental real estate properties to supplement their income or even get their real estate license to do the same. If you’re one of them,…
Like many freelancers who are good at what they do, you likely get approached by not-for-profit organizations (or friends who work for them) to provide pro bono services. That is, you do work and provide services without charge. This is…
Given the focus in May on National Small Business Week, (May 1 to 7) and the end of the tax filing season, if you find yourself transitioning from regular wage-earning employment income (reported on a W-2) to self-employment (tracked by…
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