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How to Pay Taxes as a Freelancer: Tips for Tax Season
Tax season is right around the corner. So how do freelancers pay taxes? Before the Monday, April 18th deadline rolls around, OutVoice has compiled some helpful advice from tax professionals to help freelancers navigate the ins and outs of doing their taxes.
Venmo, Cash App And Zelle Now Required To Report Transactions Over $600 To IRS And Users Are Upset
A new tax law that took effect at the start of 2022 is not being welcomed by users of mobile payment services. The new provision only affects businesses that accept payment cards or use third-party network settlement organizations for payment of goods and services, according to the Internal Revenue Service.
January 12, 2022
Qualified Business Income Deduction Could Cut Your Tax Bill by 20 Percent, Business Know-How
The qualified business income (QBI) deduction can save owners of businesses whose income passes through to their personal returns up to 20% on their taxes. Find out how this pass-through deduction works here.
May 12, 2021
Three Untapped Niches of Opportunity for Your Firm in 2021, Insightful Accountant
Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitability next year, it’s also worth considering some of the markets where the competition is considerably less in order to get ahead of the curve when it comes to capitalizing on their profit potential.
December 16, 2020
6 Things Every Freelancer Should Know About Money, According to an Accountant, Apartment Therapy
The pandemic has changed the way Americans work. According to research from Stanford University, 23 percent of the United States labor force now works remotely full-time, while another 33 percent aren’t working at all due to the impact of the lockdown recession. And more and more people have pursued freelance work, whether it be as contractors, consultants, or business owners themselves.
November 7, 2020
Employee or Contractor: How DOL’s Proposed Rule Could Impact Self-Employment Status, Zen Business
The Department of Labor has proposed a new self-employment worker classification rule that could impact the status of independent contractors. Here are important “economic reality” tests to know about.
September 25, 2020
How to Get Organized for Next Year’s Tax Season Now
If you filed your taxes last week, congrats: The worst is over. Doing your own independent contractor taxes can feel messy, overwhelming, and, yes, taxing. But it doesn’t have to be that way. The trick is to be prepared ahead of the due date. “It’s not just about banging out a tax return,” Jonathan Medows, MBA, a certified public accountant licensed in New York, New Jersey, and Maryland. “It’s about sound tax and financial planning. That’s just not something you whip up on April 14.”
July 22, 2020
Self-Employed? Here’s What You Need to Know About PPP & EIDL Loans
If you are self-employed and were able to get a loan under the Payroll Protection Program (PPP) or you received an Economic Injury Disaster Loan (EIDL) to offset the financial impact of COVID-19, it is important to understand how they may impact your taxes and how any potential loan forgiveness works.
July 3, 2020
How to Do Your Taxes as a Freelancer
In case you hadn’t heard, this year’s tax filing deadline was moved from April 15 to July 15. Many freelancers get overwhelmed at the idea of sifting through their receipts, invoices, and 1099 forms for the year. But tackling it head-on (and maybe hiring a certified public accountant) could save you buckets of money.
March 20,2020
Changes in tax law you should know about for 2019
The IRS is heading into its busiest week of the tax season, with millions of Americans expected to file their federal income tax returns. While the changes in tax law for this year aren’t as significant as they were for the 2018 tax year, which followed the biggest overhaul in a generation, there are some changes people should be aware of. Here’s what changed for the 2019 tax year.
February 17, 2020
The SECURE Act is Changing Retirement Saving Plans for Business Owners and Employees
The SECURE Act, which was passed in December of 2019, enacted new tax laws that affect both employer-sponsored retirement plans and individual retirement plans. Find out how these changes may impact you and your business.
January 13, 2020
How Tax Reform Changes Alimony and Lawsuit Tax Obligations
The Tax Cuts and Jobs Act made significant changes to the deductibility of alimony and personal lawsuit recoveries, which could have a big impact on tax liability for freelancers who divorce or are involved in personal lawsuits. Here’s what you need to know.
March 7, 2019
Average tax refund is now slightly higher than last year
Americans’ tax refunds are no longer shrinking. The latest data released by the Internal Revenue Service show that the average tax refund issued through the third week of February was $3,143. That’s slightly higher than the average refund at this time last year, which was $3,103.
February 28, 2019
How to tell if you’re winning or losing under new tax law
Some Americans are getting an unwelcome surprise this tax season, with refunds down about 9 percent so far this year. Getting less money back, not to mention having to write a check to the IRS, can sting, especially if a taxpayer was expecting the usual windfall.
February 22, 2019
Is The Pass-Through For You? A Primer On The New Deduction For Freelancers
Tax season is never a dull moment for freelancers. And this year brings a particularly notable new wrinkle: the 20 percent pass-through deduction for small businesses that was included in the 2017 tax reform bill. Like many tax rules, this deduction is a little more complex than it sounds at first. So before you get your hopes up, let’s take a closer look at the potential savings for writers for hire.
February 4, 2019
How to survive in the gig economy
Just how many of us are part of the gig economy now? Turns out, it’s kind of hard to pin down. Despite the long-held belief that it’s eclipsing traditional 9-to-5 work, new Bureau of Labor Statistics data suggests the number of alternative workers—those who earn their living outside of a traditional full-time job—make up just over 10% of total employment.
June 26, 2018
3 Ways to Thrive Financially in the Gig Economy
Just how many of us are part of the gig economy now? Turns out, it’s kind of hard to pin down. Despite the long-held belief that it’s eclipsing traditional 9-to-5 work, new Bureau of Labor Statistics data suggests the number of alternative workers—those who earn their living outside of a traditional full-time job—make up just over 10 percent of total employment.
June 12, 2018
Freelance life incurs burden at tax time
Tax time is usually a difficult period for freelancers when it comes to compliance, but there is some good news this year. Many freelancers say they would rather line up at the DMV or get a root canal than do their taxes, according to a study by FreshBooks, which offers accounting services and surveys self-employed professionals.
April 8, 2018
Thinking of freelancing? Here's what the new tax law does for you
The idea of striking out on your own after being a salaried working stiff for years can be enticing. And it’s all the more so now that the tax overhaul created a 20% deduction for those running their own business. But there’s a lot to consider when figuring out whether you really would do better financially by being self-employed. Ask yourself these questions before quitting your day job.
March 27, 2018
How to Handle Your Freelance Taxes Like a Professional
If you’ve been keeping careful records all year and have no fear of forms, you may feel pretty relaxed this time of year. But if this is the first time you’re putting taxes together for your freelance work, you may be dreading April. To help you get through this tax season and in the future, consider the following tips.
March 7, 2018
New sales tax rules for online sellers
Online sales tax is one of those nagging but important administrative details online sellers have to contend with to stay in legal compliance. For a long time, collecting sales tax was fairly simple for e-commerce sellers: just collect sales tax from buyers in any state where you have “nexus” (a location or other business presence.)
March 13, 2018
Estimated Tax Fail? Help is Here!
Self-employed freelancers have a special place in the eyes of the IRS—one that makes them susceptible to higher levels of scrutiny than your average W-2 worker, especially during tax season. With your financial situation laid bare on your tax return, it’s impossible to avoid the ever-watchful eyes of IRS agents, so if you’ve done something like inadvertently not paid estimated taxes for a year or more—otherwise known as an #EstimatedTaxFail—it’s safe to assume that you’ll soon be receiving tersely worded tax notices from the IRS. If you do, don’t despair, but don’t delay your response either.
June 1, 2017
Best Tax Blogs: Top Industry Experts
If you’ve ever tried to make sense of the tax code on your own – while you’re filing your taxes or as you figure out how much of your income you should withhold each year – then you know the feeling of a tax headache. The wording can be difficult, and interpreting it correctly can make anyone feel pain in their noggin.
March 30, 2017
How to Handle Your Freelance Taxes Like a Professional
If you’ve been keeping careful records all year and have no fear of forms, you may feel pretty relaxed this time of year. But if this is the first time you’re putting taxes together for your freelance work, you may be dreading April. To help you get through this tax season and in the future, consider the following tips.
March 7, 2018
Freelancing Sweeps the Globe: Are You Ready to Dive In?, Currency Fair
The benefits of a freelancing career are seemingly endless: You get to be your own boss, you get to work in a field that you love or that you are great at (ideally both), and, with enough work, you can make a great living wage from anywhere in the world (that has an internet connection).
July 20, 2016
Telework Tax Laws: How To File As A Freelancer
With the growth of the freelance (or “gig”) economy, more and more people are answering new and different types of questions as they prepare to pay Uncle Sam. Tax issues challenge all types of freelancers and self-employed workers—from those working full-time for themselves to those just picking up small gigs here and there throughout the year.
March 15, 2016
For Small Businesses and Entrepreneurs Some Welcome Clarity
Small-business owners, who often consider taxes among their biggest concerns, didn’t get major new tax breaks this year. But they have gotten something else: greater clarity about deductions and credits, which should help their planning for 2016.
February 19, 2016
It's Officially Tax Season: Get Organized And Get Filing
If you didn’t start making year-end tax plans before December 31, it might be worth your while to start gathering up all your documents now and getting organized. The Internal Revenue Service began accepting tax returns on Tuesday, though technically you could have prepared a return on paper or through tax software and submitted it earlier. However, the IRS wouldn’t accept them until January 19.
January 20, 2016
5 Ways Freelancers Need to Prepare for Tax Season
Let’s be honest: a lot of us are probably not thinking too much about April 2016. Some of us may still be breathing a sigh of relief after hitting the October 15 extension deadline for last year’s taxes! But taking the time to think about taxes now will save you a lot of time and trouble next spring—and that’s time you could spend completing client assignments and earning money.
October 15, 2015
How To Make It In The Gig Economy: 4 Tips For Freelancers
The informal motto of the on-demand economy has a nice ring to it: “Be your own boss.” But if you want to scrape together a living by driving for Uber, delivering groceries for Instacart or buying rich people coffee at Postmates, the struggle can make Sisyphus’ gig seem cushy. Working as an independent contractor — as opposed to being an employee — puts you at a significant disadvantage when the tax man comes calling. You’re also likely to miss out on more affordable health care coverage. But if a few whiffs of the gig economy’s intoxicating aroma has you hooked, here are some tips.
October 1, 2015
5 Reasons a 529 College Savings Plan Is the Best Baby Shower Gift
Those tiny clothes and pint-sized pairs of shoes are undeniably adorable, but odds are expectant parents will receive more than a few pieces to build their baby’s wee wardrobe. So, financially savvy friends and family members should consider contributing to a 529 college savings plan that will be meaningful long after a baby’s done with diapers and dolls.
September 23, 2015
Ask an Expert: NY capital gains tax if I live in Florida?
After 40 years in my Upper East Side apartment, I received a buyout this year from a firm that wants to develop the property. I was told this was a long-term capital gain. However, I moved to Florida earlier this year. Do I still have to pay New York State capital gains taxes on the buyout if I’ve been a Florida resident for more than half a year?
September 15, 2015
Dear John: Trump’s racial talk is a slippery slope
I was reading my favorite paper this morning (New York Post, of course!) and read with interest the 529 plan advice for the young man enlisting in the Marines. The distribution in excess of earnings would be taxable, as your column reported. However, an important piece of information was left out. There is a potential 10 percent penalty on taxable distributions.
July 17, 2015
Ask a Freelancer: What Are Some Obscure Tax Deductions I Can Use to My Advantage?
Taxes are due next week, but I hope there’s still time for you to take my biggest piece of advice: Don’t do your taxes yourself. Instead, work with a CPA. In 2014, I thought I could do my freelance taxes myself, and ended up requesting a tax extension so I could work with a CPA and make sure my taxes—and my deductions—were correct.
Contently, April 7 2015
Everything Freelancers Need to Know for Tax Season
Sara Horowitz, the founder and executive director of Freelancers Union and the co-author of The Freelancer’s Bible: Everything You Need to Know to Have the Career of Your Dreams – On Your Terms (Workman Publishing Company, 2012), says the tax system hasn’t kept up with the growing numbers of workers getting 1099s. She and Jonathan Medows, at Medows CPA, PLLC, answer freelancers’ questions about preparing their taxes.
March 20th, 2015
How NYC owners and renters can save money on their taxes
Living in New York City is expensive and as the April 15th tax filing deadline approaches—it’s a good idea to consider ways you can save money through deductions and credits. Your savings will vary depending on whether you are a freelancer or salaried employee, and rent or own—and if you own, whether or not you have a mortgage.
March, 2015
Thinking of Striking Out Alone? Here's How Much it Costs to be a Freelancer
Andrea Bertola Shaw left the security of a full-time job in marketing and design to become a freelance web developer. She wanted to “live the freelance life” while giving time to her low-paying hobby as an off-Broadway theater director.
October 30, 2014
Is It Possible For Freelancers To Ever Retire?, Fast Company
Not long after quitting my office job to work for myself full-time, I ran into an acquaintance on the street. In her early sixties, she’d been working as a freelancer her whole career. I excitedly shared my news with her, expecting congratulations. Instead she shot me a grim look. “After freelancing my whole life,” she said, “I don’t have a dime saved. I have no idea how I’ll ever retire.”
October 18, 2014
The Changing Grand Street Co-ops: Join The Lo-Down For a Panel Talk at the Manny Cantor Center June 2
The Grand Street Cooperatives, boasting 4500 apartments and consuming a large amount of real estate from the East River to Essex Street, loom large on the Lower East Side. If you don’t live in one of four mid-century developments built by the trade unions, the co-ops might seem like a mystifying world. Coming up Monday, June 2, we’re partnering with the Manny Cantor Center at the Educational Alliance for a panel discussion looking at the ways in which the co-ops are changing today.
May 21, 2014
Developer Offers Free Practice Management System to Tax Firms
TaxWorkFlow, LLC announced today that it will provide its TaxWorkFlow practice management software free to tax professionals this tax season. The offer will be available to 100 tax firms on a first-come, first-served basis and will include a complete version of the software with instructional support to ensure that the system is implemented smoothly.
January 15, 2014
New Year’s Business Resolutions for 2014
Yup, it’s 2014 already! And since sharing a resolution or goal with others often helps with the achievement of that goal, it’s now a carolroth.com tradition to ask our fantastic CarolRoth.com contributor network of business owners, experts, advisors and entrepreneurs to share their own New Year’s business Resolutions for 2014. Let their resolutions give you inspiration for your own business success and goals this year. Their answers are presented below in no particular order.
January 9, 2014
Southern Baptist Leadership Unconcerned About Clergy Abuse Of Tax Break For Housing
The Southern Baptist Convention (SBC) was quick to denounce Judge Barbara Crabb’s ruling that excluding cash housing allowances to clergy from taxable income is a violation of the First Amendment establishment clause. SBC, as the second largest denomination in the country, is probably the one with the most skin in the game, since they have more clergy serving congregations, than the first largest denomination – Roman Catholicism.
November 27, 2013
Ruling on Clergy Tax Benefit Poses Challenges
Last Friday, a federal judge in Wisconsin struck down an IRS provision that allows clergy members to receive part of their pay as an untaxed “housing allowance.” The judge ruled it unconstitutional because it, “provides a benefit to religious persons and no one else, even though doing so is not necessary to alleviate a special burden on religious exercise.”
November 26, 2013
Operate a small U.S. company remotely overseas
Epoch Times reporter Qin Fei compiled a report) In the past 3 months, Paul McTaggart (Paul McTaggart) has been operating his dental service agency Dental Departures in Bangkok . In the previous 10 months, he managed this small business with only 3 employees and one million dollars in several cities in Mexico. Dental Departures introduced the American people and other Canadians to 27 countries going to the dentist, the dentist is expensive because the United States and Canada, and some countries dental services are cheaper.
November 19, 2013 (English Translation)
Sequester Budget Cuts Mean Losses at Army Bases, in Schools in NY, NJ, Conn.
The White House has detailed the potential fallout in each state from automatic budget cuts set to take effect at week’s end, and the losses in the tri-state include Department of Defense furloughs, along with school funding and public safety cuts.
February 25, 2013
My LES: Jonathan Medows, The Lo-down
I am a CPA and the Managing Member of MEDOWS CPA, PLLC. We are a Lower East Side based firm (Grand St & Columbia St) and we expanded and moved to our current location in January 2012. My work focuses on tax planning, tax preparation, tax controversies, business planning and structuring. Our clients are freelancers, small businesses and individuals with moderate to complex tax returns.
October 22, 2012
Odd bulge in Weiner tax form
Anthony Weiner likes to do things big — especially when it comes to his tax deductions. The disgraced former congressman’s 2010 tax return shows he took $40,521 in unspecified itemized deductions on an income of $156,117. “It’s definitely a very large deduction,” said Manhattan CPA Jonathan Medows.
June 19, 2011
5 Questions I’ve Never Been Asked: Jonathan Medows
On Aug. 14, 2003, during the hours before a blackout crippled almost half the U.S., I was working at home. I’d taken a vacation day because I needed to file my taxes, and I’d done a perfectly awful job during previous year or so keeping up with that important task, mostly owing to a period of unemployment in 2000 and 2001 and freelancing for a living.
January 6, 2010
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