CPA for Freelancers

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

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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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Taxes Are Due May 17 - Here’s What To Do If You Can’t Pay Your Tax Bill

You’ve had just over a month longer than usual to file your freelance taxes due to the IRS extension of the annual tax deadline to May 17. However, if you were stressing about paying your tax bill back in April, it’s doubtful that you are feeling more confident about it now. With that said, if […]

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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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Already Filed Your Freelance Taxes? Here’s When to File an Amended Return

The big news on the tax front from last week was that the individual tax deadlines for federal and some state income taxes were extended to May 17, 2021. New York State is one of the states which chose to extend the deadline in keeping with the IRS decision to do so—be sure to check […]

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The IRS Just Extended the Deadline to May 17—Here’s What You Need to Know

The IRS announced yesterday that the deadline for individual taxes is now extended to May 17—giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the deadline was pushed out to until mid-July. Here are the […]

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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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FAQs About Economic Impact Payments for Freelancers

Under the recently passed CARES Act, the U.S. government is planning to send out Economic Impact Payments (EIP) to taxpayers meeting certain income requirements. Please note: the IRS is currently working on a website with a portal for individuals to provide their banking information to the IRS. It is not known yet when this portal […]

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Four Reasons to File Your Freelance Taxes Early (and When You Should Wait to File Until Tax Day)

The IRS is now open for the business of filing 2019 tax returns. If you are a person who likes to get things done, and you have all of your tax documentation in hand, don’t fight the urge to file early. Even if you have been a procrastinator in years past when it comes to […]

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Selling Your Home This Spring? It Could Reduce Your Freelance Taxes

Spring is often when the housing market heats up with home sales generally peaking in May and June. According to an ATTOM Data Solutions report, in the United States,  May is the best month to sell your home based on the higher price premium you are likely to get. June 28 is the best single […]

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