CPA for Freelancers

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

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Payment Processing Systems: The Key to Faster Cash Flow for Freelance Businesses

Cash flow is the lifeblood of any business. For self-employed freelancers this is particularly true. If you are a mobile freelancer operating a business model that require you to go on-site to service your clients you need a payment solution that will go with you. If you operate an e-commerce business or accept online payments […]

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Hit on Your Bike While Riding to a Freelancer Gig? New York No Fault Insurance FAQs

The good news is, if you are hit by a car while biking or walking to a freelance gig, you will have medical insurance and lost income coverage.  You may also be able to recoup any related damages with a lawsuit against the negligent parties. If you were a pedestrian or bicyclist struck by a […]

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Claiming Virtual Currency Transactions on Your Freelance Tax Return? Here’s What You Need to Know

If you’re a freelancer who has been active in the virtual currency market over the past few years, there’s a new question on your 2019 personal tax return that you should pay special attention to: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual […]

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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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Updated Information About HSAs: Your Healthcare Coverage Decision— What It Means for Your Freelance Taxes

Please note the clarification below in regard to Health Savings Accounts (HSAs). As a self-employed freelancer, electing whether or not you have healthcare coverage is a big deal. There’s obviously the impact on your own physical well-being and the out-of-pocket costs, but there’s also the impact on your taxes. So while open enrollment season is […]

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Updated Special Per Diem Rates May Impact Your Freelance Expenses

A few months ago, we shared advice on how to manage freelance expense deductions using either the traditional itemized deduction approach (which requires receipts for every expense and to-the-penny recordkeeping of each category of your travel expenses) or the per diem method where you use the per-diem rate established by the federal government for its […]

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Freelancers, Your State May Still Charge You for Not Having Health Insurance

From a federal perspective, tax year 2018 was the last year that the Affordable Care Act’s individual Shared Responsibility Payment applied when you filed your return. This fee, otherwise known as the individual mandate, was collected for plan years through 2018 from taxpayers who could afford health insurance but chose not to buy it. Starting […]

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Small Business Week Reminder: Check Your Estimated Tax Payments

Yes, we are fresh off tax season, which means most small business owners have just calculated—with help from the IRS—whether they paid enough tax for 2018. If you are self-employed you should be familiar with making estimated state and federal tax payments each quarter. If you’re not, with this week being Small Business Week, it’s […]

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Breaking Freelance Tax News! The IRS Lowers Safe Harbor Threshold for 2018 Taxes

If you were paying attention to your tax situation in January of this year, you may have heard that the IRS is offering a reprieve to some taxpayers when it comes to penalties for the late payment of estimated taxes. Now, less than month before the tax deadline the IRS has announced that it is […]

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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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