Although no significant tax legislation was enacted in 2023, there were changes from 2022 tax legislation that will have an impact on 2023 tax returns as well as changes being announced for 2024. Here’s a quick run down to help…
Over the past several years, there has been a debate over changes to the Form 1099-K reporting threshold. The 1099-K is a form that was introduced in 2022 for third-party payment platforms such as Etsy, Shopify, and other e-commerce platforms…
Do you have unfiled freelance taxes involving foreign accounts? If so, it is important to be aware that the IRS is ramping up its enforcement in regard to taxpayers with outstanding taxes in these areas. In fact, there are two…
If your freelance business has foreign ownership and an individual who is a foreign national as part of its ownership, starting January 1, 2024 the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is requiring that such businesses be registered with…
As a freelance business owner, if you travel for work to attend conferences or see clients related to your business, you are generally eligible to subtract any ordinary and necessary expenses you incurred such as transportation, airfare, meals, and accommodations.…
Are you one of the nearly 1.5 million people across the country who has an outstanding 2019 tax return? If so, you only have a few weeks to claim your refund before the July 17, 2023, deadline after which your…
If you are a freelancer doing business in New York State and you have not filed your taxes in any of these categories: income tax, corporate tax, or sales tax, you may be eligible for New York State’s Voluntary Disclosure…
Avoid Penalties by Filing Your 2022 Taxes by the June 15 Do you operate your freelance business while traveling or living abroad? If so, and you are a U.S. taxpayer, it is critical for you to file your 2022 federal…
The IRS recently announced its 10-year strategic operating plan, which lays out how the agency will deliver tax services in the next decade and how it will allocate the $80 billion funds it received as part of the Inflation Reduction…
If you are a freelancer who has received restricted stock units (RSUs) as part of your compensation, you need to ensure that you are withholding taxes appropriately, or else you could end up owing money to the IRS at the…
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