CPA for Freelancers

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Coronavirus Tax Relief is on the Way for Freelancers

On Friday, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced two new refundable tax credits which offer  relief to employees, small and midsize businesses, and the self-employed under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. How will these credits […]

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Four Reasons to File Your Freelance Taxes Early (and When You Should Wait to File Until Tax Day)

The IRS is now open for the business of filing 2019 tax returns. If you are a person who likes to get things done, and you have all of your tax documentation in hand, don’t fight the urge to file early. Even if you have been a procrastinator in years past when it comes to […]

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Catch These Year-End Freelance Tax Deductions Before Dec. 31

There are only a few weeks left until the end of the year, which means your window for leveraging last-minute tax deductions for 2019 is rapidly closing. Here’s the run-down on what you can do to snag these tax-saving deductions for your freelance business before the ball drops on Dec. 31. Measure up your home […]

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Selling Your Home This Spring? It Could Reduce Your Freelance Taxes

Spring is often when the housing market heats up with home sales generally peaking in May and June. According to an ATTOM Data Solutions report, in the United States,  May is the best month to sell your home based on the higher price premium you are likely to get. June 28 is the best single […]

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Have a Freelance Tax SOS? Check Out These Tax Reform FAQs

Now that the Tax Cuts and Jobs Act (TCJA) is active legislation, you are likely to see its impact on your tax return this year. As you get ready to file your taxes you are likely to have questions about exactly how tax reform affects your freelance business. To help, we’ve compiled this list of […]

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How Freelancers Can Maximize the 20% Pass-Through Tax Deduction

If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction to lower your tax liability as much as possible. If […]

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Alimony and Lawsuits May Add to Your Freelance Taxes Under The Tax Cuts and Jobs Act

If you faced a divorce or other legal proceedings recently, you may have been quite eager to leave them in the past and start anew. Unfortunately, you may have to deal with them again—or at least their financial aftermath—now that tax season is here because under the new Tax Cuts and Jobs Act (TCJA) laws […]

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Freelancers with a W-2, You May Owe More Tax on This Year’s Return

If there’s one thing to be said about the changes brought about by the passing of The Tax Cuts and Jobs Act (a.k.a. tax reform) it’s that there are a lot of them. So many, that as a busy freelancer—and especially if you also maintain a 9-to-5 job—it’s unlikely that you can keep up on […]

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Vendors Selling in NYS Must Meet New Registration Requirement

On June 21, 2018, the United States Supreme Court ruling in South Dakota v. Wayfair (138 S.Ct. 2080 [2018]) eliminated the prohibition on a state imposing sales tax collection responsibilities on businesses that have no physical presence in that state. Due to this ruling, certain existing provisions in the New York State Tax Law that […]

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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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