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…
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Category taxes
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…
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…
DIY Self-employed Taxes vs. Hiring a Tax Professional in 2022
Have you been hemming and hawing on whether or not to hire a professional to do your taxes? Has there been a large change in your life that has impacted your finances or maybe you just aren’t sure what you…
Moving & Taxes: Your Questions Answered
Are you thinking of moving or doing business in another state? Read through to get some quick answers to your tax questions. What tax implications should someone consider if they are moving from one state to another? What records would…
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…
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…
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…
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,…
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…
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