CPA for Freelancers

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

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Notable Tax Updates for Freelancers in 2022

We are living in a world where things seem to be changing every day and it can be easy to be confused as to what you should or shouldn't do. Don't make tax season a headache and know if your deadlines, or income threshold for marginal tax rates has changed. Tax Due Dates for 2022 […]

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Business Meals are Fully Tax Deductible this Year

If your freelance business reimburses contractors for meals consumed while traveling, you can now deduct the per diem portion of meal expenses at 100% according to new guidance from the IRS which covers tax years 2021 and 2022. If you are planning to take a client out for a holiday meal, remember that as part […]

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Serious About Scaling with Crypto? The New Infrastructure Bill Shows the IRS is Serious About It, Too.

Given that the new infrastructure bill mainly allocates funding for public works projects, you may not be aware that the bill also puts in place new reporting requirements for individuals trading and using cryptocurrency which begin January 1, 2023. While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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Using the Employee Retention Credit? The New Infrastructure Bill May Cut the Benefits Early

The Infrastructure Investment and Jobs Act is heading to President Biden’s desk to be signed and when it is, it may mean that the Employee Retention Credit will be terminated earlier than the original guidance issued by the IRS. This means that the infrastructure legislation ends the employee retention credit (ERC) early, making wages paid […]

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The American Families Plan Act May Put Freelance Business Income Under the IRS Microscope

A fairer tax system for all is the intended objective of new tax reporting requirements for financial institutions, according to government agencies such as the IRS and the U.S. Department of the Treasury (USDT). In theory, implementing new compliance regulations will better track the income and tax reporting of wealthy Americans. According to the USDT, […]

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NYS Postpones Key Tax Filing Deadlines including the extension deadline of October 15, 2021

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 […]

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Individual and Business Tax Deadlines for New York and New Jersey Freelancers Affected by Hurricane Ida Extended to January 3, 2022

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 […]

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Did You Claim Unemployment Income on Your 2020 Freelance Tax Return?

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 […]

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Freelancers Now Have Until May 17 to Top Up Their 2020 Retirement and HSA Contributions

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 […]

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How Will the NEW COVID-19 Stimulus Bill Impact Your Freelance Taxes? Here’s What We Know.

Amid all of the doom and gloom related to the continuing COVID-19 pandemic, on December 21 Congress provided a ray of hope with a $900 billion stimulus package—just in time for the holidays. While there are provisions in the bill for individuals, healthcare workers and small businesses, there are some particular perks for freelancers—especially if […]

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