CPA for Freelancers

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

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Freelancers: Don’t Miss This Key Deadline for W-2s and 1099s

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 total tax withheld from those wages. If you have been […]

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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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Do You Have Rental Income? Get to Know the New Rules Under Tax Reform

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 known as the Tax Cuts and Jobs Act or TCJA). […]

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Take Note! Three Key Tax Reform Changes for Freelancers

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 IRA rules allow you to recharacterize your traditional IRA […]

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Must-Have Freelance Tax FAQs

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 following list of freelance tax FAQs can help you tame […]

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10 Freelance Tax Deductions to Use Before They Are Gone

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 taxes this year, it’s smart to focus on taking full […]

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How the President’s Proposed Tax Changes Could Affect Your Freelance Business

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 your personal and freelance business taxes? Consider the following overview […]

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Struggling to Pay Your Taxes? Take These Three Steps Now

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. Start with the three steps below to get back on […]

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New Identification Requirement for New York State Taxpayers Aims to Fight Fraud

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 input appear in the Authentication Header section of the […]

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Yes, Virginia, You Do Have to Pay Estimated Taxes in January

Paying taxes at the start of the new year – sounds crazy right? This is the ugly truth for freelancers, Airbnb hosts, rideshare drivers, or anyone else earning 1099 income. If you earn self-employment income, you’re expected to stroke Uncle Sam a check four times a year for quarterly estimated tax payments. Not completely sure […]

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