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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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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Serious About Scaling with Crypto? The New Infrastructure Bill Shows the IRS is Serious About It, Too.

Given that the new infrastructure bill mainly allocates funding for public works projects, you may not be aware that the bill also puts in place new reporting requirements for individuals trading and using cryptocurrency which begin January 1, 2023. While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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Using the Employee Retention Credit? The New Infrastructure Bill May Cut the Benefits Early

The Infrastructure Investment and Jobs Act is heading to President Biden’s desk to be signed and when it is, it may mean that the Employee Retention Credit will be terminated earlier than the original guidance issued by the IRS. This means that the infrastructure legislation ends the employee retention credit (ERC) early, making wages paid […]

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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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