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,…
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…
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…
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…
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…
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…
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.…
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…
“The Final Countdown” to Tax Day is on, and with just over a month left to go until that most notorious day of the year—Tax Day—it’s time to get serious about what you need to do to meet your obligations…
Every year the tax code changes and for 2017, there are a number of important updates that may affect you and your freelance business. To help you get a handle on them, check out this handy Freelancer Tax Checklist. Here…
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