Things are changing rapidly for the freelance community and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief to address the enormous impact of the corona virus, here are the immediate changes all freelancers need to be aware of:
This situation is rapidly evolving, so watch for additional updates. However, as of now, you should proceed with getting your taxes ready to be filed by April 15. This is true regardless of whether you will have a liability or refund. If you do have a liability it is best to know how much you owe as soon as possible so you can be strategic in your handling of the new payment deadline of July 15. If you are owed a refund, filing now will expedite getting the money back in your pocket.
Jonathan Medows is a certified public accountant licensed in New York, New Jersey, Maryland, and Pennsylvania. He is also a recognized expert in taxation for freelancers and the self-employed—often tapped for his expert knowledge and perspective on self-employment taxation by national and regional publications such as The New York Post, BusinessWeek, Forbes taxation blog, WebCPA, CPA Practice Advisor, and others. You can read some of Jonathan’s press coverage here.
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