tax updates

If you are considering dropping your health insurance, given that the current tax penalty for not having coverage will be lifted starting in 2019, you are not alone. According to recent research, the elimination of Obamacare penalties may reduce the number of subscribers to individual...

If you have ever been employed, you are likely familiar with the W-2 tax form (a.k.a. the IRS “Wage and Tax Statement”).  An employer must send a copy of this form to their employee and one to the IRS to report wages paid and the...

Many freelancers own residential or commercial rental real estate properties, the income from which helps to supplement their client work. If you are one of them, this article is a must-read because the rules related to rental property income are changing under tax reform (also...

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...

Now that we are getting down to the wire for filing individual taxes and those for freelance businesses structured as LLCs and corporations, it’s key to know the answers to these freelance tax FAQs so you can tackle your taxes in a timely manner. The...

The introduction of the Tax Cuts and Jobs Act at the end of last year represents major changes to the tax code, but its impact won’t be felt on your tax return until next year. That’s why as you get ready to file your freelance...

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...

Tax season is here and you may be stressing a little, especially if you haven’t been making regular estimated tax payments on your business profits. If this is the case for you, it’s time to take action this tax year and for the years ahead....

New York State (NYS) is now making the collection of taxpayers’ driver licenses or other state-issued identification (ID) information on electronically filed personal income tax returns mandatory to help deter fraud, following the same practice by the IRS. The fields where the ID information must be...