CPA for Freelancers

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

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Moving & Taxes: Your Questions Answered

Are you thinking of moving or doing business in another state? Read through to get some quick answers to your tax questions. What tax implications should someone consider if they are moving from one state to another? What records would they need to show, if any? From a business perspective for self-employed individuals, if you […]

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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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How the IRS Final Rule on Entertainment and Meal Deductions May Impact Your Freelance Taxes

The major changes to entertainment and meal expense deductions brought about by the Tax Cuts and Jobs Act (TCJA) in 2017 may be a distant memory for many freelancers, but the IRS is still in the process of finalizing them, a move which may impact your tax obligations. The original guidance under the TCJA essentially […]

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Tax Exemptions, Deductions and Credits—Last Minute Advice for Your Freelance Tax Return

With just a few weeks left to file your freelance taxes, there’s no time to waste when it comes to completing your return. Given all of the changes that the Tax Cuts and Jobs Act (a.k.a. tax reform) has brought with it, you may be left feeling unsure about how tax deductions and tax credits […]

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How Freelancers Can Maximize the 20% Pass-Through Tax Deduction

If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction to lower your tax liability as much as possible. If […]

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Alimony and Lawsuits May Add to Your Freelance Taxes Under The Tax Cuts and Jobs Act

If you faced a divorce or other legal proceedings recently, you may have been quite eager to leave them in the past and start anew. Unfortunately, you may have to deal with them again—or at least their financial aftermath—now that tax season is here because under the new Tax Cuts and Jobs Act (TCJA) laws […]

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Freelancers with a W-2, You May Owe More Tax on This Year’s Return

If there’s one thing to be said about the changes brought about by the passing of The Tax Cuts and Jobs Act (a.k.a. tax reform) it’s that there are a lot of them. So many, that as a busy freelancer—and especially if you also maintain a 9-to-5 job—it’s unlikely that you can keep up on […]

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Mortgage Interest and Home Equity Loan Deductions May Impact Your Freelance Taxes

There are significant changes to tax deductions that freelancers who financed their home or a secondary residence with a mortgage loan will see starting this coming tax season. The bottom line? On your 2018 tax return you will have a significantly lower limit for the deduction of mortgage and home equity loan interest, which may […]

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Updates on Meal and Entertainment Expense Deductions Are Here

If you are keeping track of the rules related to the Tax Cuts and Jobs Act (TCJA) that are likely to impact you as a freelancer, you’ll want to take note of this one in regard to meal deductions. At the beginning of the year, it looked like the IRS was not going to allow […]

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Not Just for Kids: How Changes to the Kiddie Tax May Benefit Freelancers

Among the many changes brought about by the Tax Cuts and Jobs Act (TCJA) are those pertaining to what is known as the “Kiddie Tax.” These changes may be of special interest to you if you are a young freelancer and still being claimed as a dependent on your parents’ tax return. If you have […]

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