Have you filed your freelance taxes yet? If not, it’s definitely time to gather your tax documentation, maximize deductions, and use these tips to avoid costly mistakes before the April 15 deadline. While there’s plenty of questionable tax advice out…
The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, has significant implications for freelancers and all business owners. This new regulation requires most businesses to report information about their owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) using a Beneficial Owners Information report (BOI). This is completely separate from any…
A 529 plan is one of the most popular savings plans for education savings for good reason: it can provide tax-free investment growth and withdrawals for qualified education expenses.However, there are some other important uses and caveats that you may…
As the mid-point of the year approaches, there is an important deadline that should be on the calendar of every freelancer with a U.S.-based business. This is the filing deadline for the Corporate Transparency Act (CTA) which is Dec. 31,…
If you own a freelance business that was formed in New York State, you are now officially required to report information about your business ownership and more at both the state and the federal level. This is because as of…
With the April 15 tax deadline just a few weeks away you should be aware of some adjustments to the standard deduction thresholds. Keep in mind that the standard deduction is in addition to any eligible freelance tax deductions that…
Did you receive a subsidy from a health exchange in 2023? If so, you must report it on your tax return. The IRS is making this very clear with recent mailed reminders. What else do you need to know? Here…
New Guidance on Employee vs. Independent Contractor Status from the Department of Labor Takes Effect March 24, 2024 The U.S. Department of Labor (DOL) has introduced the Final Rule on Employee or Independent Contractor Classification, which was published in the Federal Register on January…
Late last year, the IRS issued notice that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. Under the regulation, businesses that receive more…
The Internal Revenue Service (IRS) has set Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The time is now to review deductions…
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