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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Quick Wins for Your Tax Return: Easy to Miss Tax Deductions

What are a few items people tend to miss when they do their taxes, whether filling out their tax form themselves or using a tax software?   Medical expenses (if they are significant). The IRS allows you to deduct unreimbursed expenses for preventative care, treatment, surgeries, and dental and vision care as qualifying medical expenses. […]

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Reduce Your 2021 Freelance Taxes? Charitable Gift Deductions May Help

It’s a great feeling to be able to help others—and it’s even better if you get some added benefit, too. This is the kind of win-win situation that The Taxpayer Certainty and Disaster Tax Relief Act of 2020 made possible by allowing tax payers to deduct up to $600 of charitable contribution regardless of whether […]

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Should Freelancer’s Opt-In to New York’s New Pass-through Entity Tax?

Recent changes in the federal state and local tax (SALT) deduction are having a ripple effect in New York and several other states, too. This may impact your freelance business because New York State (NYS), among others, is now instituting a new irrevocable pass-through entity tax to offset the shortfall they are experiencing on revenue […]

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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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Covid-Era Business Meal Deductions May Take a Bite Out of Your 2021 Freelance Taxes

If you have already filed your freelance taxes for 2020, you may have noticed that your deductions for meal expenses were considerably lower than in past years. While this could be because you had fewer business meals due to the COVID-19 pandemic, it is also attributable to the major changes in entertainment and meal expense […]

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The May 15 Deadline is Almost Here! Freelance Tax Deduction Checklist

The May 15 tax deadline is only a few days away, so there’s no time to waste if you haven’t already filed your taxes. To help you maximize your freelance tax deductions and reduce your 2020 tax bill, here’s a handy checklist. You can also access a full summary in this PDF from CPA for […]

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A New Form 1099 is Coming...Here's What You Need to Know

There’s a new twist on income reporting that freelancers will need to take note of on their 2020 tax return. The IRS has introduced Form 1099-NEC, a separate form from the standard Form 1099-MISC. This new form is one that you as a freelance business owner should receive from any client you did work for […]

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The Self-Employment Tax Wage Threshold is Rising. Time to Change Your Freelance Business Entity?

The Social Security Administration (SSA) recently announced an increase to the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage threshold for these taxes will increase to $142,800 in 2021 up from $137,700 in 2020. The OASDI tax rate is 6.2%, Self-employed freelancers will pay these taxes at […]

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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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