CPA for Freelancers

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

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It’s the Final Countdown for Extended Freelance Tax Returns Don’t Miss It the October 17 Deadline!

Did you run short of time last April when the regular tax filing deadline came? Hopefully, it was a rare occurrence and you took the smart step of filing an extension for your 2021 taxes. If so, the six-month window to get your taxes filed without additional failure to file and late payment penalties is […]

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Scaling from Solopreneur to an S-Corp?

If your freelance business is on a significant growth trajectory, congratulations! All of your hard work is paying off, and you may be considering switching your entity type from a sole proprietorship or limited liability company (LLC) to an S-corporation (S-corp) to take advantage of the payroll tax savings and other benefits (you can read […]

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Tax Day isComing! Can’t Make the April 18 Deadline? File an Extension for Freelance Taxes Now to Avoid Fines and Penalties

Missing documents? Mega-busy calendar? If you’re like many freelancers you have more than enough on your plate to keep you busy all day every day, without the added burden of tax preparation. However, the IRS doesn’t take kindly to missed tax filing deadlines, which is why you need to file your taxes by the April […]

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Crowdfunding for Your Freelance Business? Be Prepared to Report and Pay Tax on the Contributions.

What better way to fund your next big freelance endeavor than through crowdfunding? All it takes is a little effort on your part and you can rake in some cash “gifts” and “goodwill contributions" to help you move your vision forward, right? While this is true from a purely business development perspective, what isn’t true […]

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Freelance Businesses Claiming the Employer Retention Credit Now Face an Increase in Taxable Income

The Employer Retention Credit (ERC) was first introduced in 2020 as part of the U.S. government’s relief for small businesses who were adversely affected by the pandemic and was also made available in 2021 to employers who kept employees on their payroll during Covid-19. The bad news: if you applied for the ERC in 2020 […]

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Is the IRS Backlog Affecting Your Freelance Business? This Advice Can Save You Headaches and Hassles

Although it is almost the midpoint of the tax filing season for 2021 returns, the IRS is lagging seriously behind on processing 2020 returns, to the point that the delay in processing returns from prior years and issuing refunds is so dire that many freelancers and business owners have been waiting to resolve their IRS […]

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The 2022 Freelancer’s Guide to Gig Economy Taxes

The gig economy is gearing up and if you have been a freelancer for any length of time, you are helping to drive it forward. Congratulations on your success! However, it is critical not to lose sight of the tax obligations that come with operating as an independent contractor or freelancer in the gig economy, […]

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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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The 2022 Freelancer’s Guide to Gig Economy Taxes

The gig economy is gearing up and if you have been a freelancer for any length of time, you are helping to drive it forward. Congratulations on your success! However, it is critical not to lose sight of the tax obligations that come with operating as an independent contractor or freelancer in the gig economy, […]

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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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