CPA for Freelancers

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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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Plan for Your Freelance Retirement Now—Start By Reviewing 2021 Contribution Limits

In a sure sign that the end of the year is just around the corner, the Internal Revenue Service (IRS) announced cost‑of‑living adjustments for the dollar limitations for pension plans and other retirement-related items for tax year 2021. Here’s what freelancers should take note of from the irs.gov announcement: The income ranges for determining eligibility to […]

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New IRS “People First” Initiative Provides Additional Tax Relief for Freelancers

The IRS has stepped up to help people facing the challenges of COVID-19 with a number of measures including easing payment guidelines and postponing compliance actions for the initial period of April 1 to July 15, 2020. This is in addition to the extension of the tax filing deadline to July 15, 2020. An important […]

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Get Ready to Claim Virtual Currency on Your Freelance Tax Return

If you are one of the thousands of taxpayers who received a letter from the IRS this summer to inform you of your tax obligations related to virtual currency, it should come as no surprise that the IRS is ramping up their efforts to enforce laws in this area. If you haven’t been contacted by […]

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