CPA for Freelancers

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

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Hot Topic: Can Freelancers Get the Employee Retention Tax Credit?

When the COVID-19 pandemic started hitting Americans hard in spring 2020, and many businesses were required to close locations, some were hit harder than others. Restaurants, bars and entertainment venues were impacted most seriously of all, because aside from delivery services, they couldn’t work remotely as could professional services businesses. Congress enacted the Coronavirus Aid, […]

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Looking Ahead: How the American Rescue Plan Affects 2021 Taxes

This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. You can read part one here. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These changes include: More workers and working families […]

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Child & Dependent Care Changes That May Affect Your 2021 Tax Refund

The American Rescue Plan has introduced changes to these key 2021 tax credits related to child and dependent care which can be a valuable way to lower your tax obligations. Child & Dependent Care Credit Increased for 2021 Only In 2021 the amount of the child credit and eligible expenses for child and dependent care […]

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Take Note! Three Key Tax Reform Changes for Freelancers

The Tax Cuts and Jobs Act (otherwise known as tax reform) has brought with it many changes for freelance taxpayers, three of the key ones are highlighted below—with some helpful hints to mitigate your tax burden. The “backdoor” Roth IRA is still available. The “backdoor” Roth IRA rules allow you to recharacterize your traditional IRA […]

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How to Claim Your Share of $12 Billion in R&D Tax Credits

Developing new products and services is one of the key ways to expand and grow your freelance business—and it’s also an activity that can benefit you from a tax perspective, thanks to the federal and state Research and Development (R&D) Tax Credit programs. It is estimated that the R&D tax credit and other related tax […]

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How the President’s Proposed Tax Changes Could Affect Your Freelance Business

The President recently unveiled his administration’s long-awaited tax reform proposal called the “2017 Tax Reform for Economic Growth and American Jobs.” As it stands, the preliminary plan features significant tax cuts and a sweeping simplification of the tax code. How could these potential changes impact your personal and freelance business taxes? Consider the following overview […]

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Use a “Marathon” Mindset to Lower Your Freelance Taxes

If you filed your taxes on time this year, you may be breathing a sigh of relief about not having to think about them again until next April. Before you wipe any traces of tax-induced sweat off your brow completely though, consider this: Sprinting to the IRS Tax Day finish line on an annual basis […]

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The Top Tax Tips Every Software Developer and IT Professional Should Know

If you’re an independent software developer or a self-employed IT professional, having knowledge of key tax issues relevant to your business is critical to your success. Take note of the following tax tips to stay in compliance from our nyc cpa, mitigate unnecessary tax burdens and avoid tax penalties. Evolve your entity structure with your […]

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Excelsior Jobs Program Offers Tax Credits for Software and Video Game Developers

New York State’s Excelsior Jobs Program provides job creation and investment incentives to companies in specific industries including biotechnology, clean-technology, green technology, financial services. More recently the program was expanded to include entertainment, music, and video game production. In a nutshell, the Excelsior Jobs Program provides tax credit incentives for specified businesses in New York […]

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Start Spreading the News…New York State Expands Tax Credit for Musical Productions

New York City has long been recognized as the epicenter for American musical productions, however, legislators recently passed a bill to support the growth of this industry in other parts of New York State as well. Known as the Empire State Music Production Tax Credit, this law  encourages music and theatrical production companies to conduct […]

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