The Paycheck Protection Program (PPP) has been a lifeline for many freelancers and small businesses who experienced a loss of revenue due to the COVID-19 pandemic. Over the past year, the program was expanded several times to allow more participants to take part in it and receive funding—the government even made the loans forgivable. This […]

Now that the extended tax deadline of May 17 is behind us, it appears the IRS is planning to play catch-up on issuing refunds to eligible taxpayers this week—including for taxes paid on up to $10,200 of 2020 unemployment compensation which, under the American Rescue Plan (ARP), was eventually excluded from taxable income. The $10,200 […]

You’ve had just over a month longer than usual to file your freelance taxes due to the IRS extension of the annual tax deadline to May 17. However, if you were stressing about paying your tax bill back in April, it’s doubtful that you are feeling more confident about it now. With that said, if […]

If you have already filed your freelance taxes for 2020, you may have noticed that your deductions for meal expenses were considerably lower than in past years. While this could be because you had fewer business meals due to the COVID-19 pandemic, it is also attributable to the major changes in entertainment and meal expense […]

The May 15 tax deadline is only a few days away, so there’s no time to waste if you haven’t already filed your taxes. To help you maximize your freelance tax deductions and reduce your 2020 tax bill, here’s a handy checklist. You can also access a full summary in this PDF from CPA for […]

The IRS recently announced that it is extending the deadline for taxpayers to contribute to their eligible retirement accounts and health savings accounts for the 2020 tax year until May 17, 2021 (the same day that individual tax filings are now due). This means that freelancers have more time to make contributions to their individual […]

The big news on the tax front from last week was that the individual tax deadlines for federal and some state income taxes were extended to May 17, 2021. New York State is one of the states which chose to extend the deadline in keeping with the IRS decision to do so—be sure to check […]

The IRS announced yesterday that the deadline for individual taxes is now extended to May 17—giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the deadline was pushed out to until mid-July. Here are the […]

The latest COVID-19 relief bill has become law. The American Rescue Plan Act, was signed by President Joe Biden on Thursday and it contains several tax provisions which may impact your freelance taxes. Below is a summary of the key tax implications to be aware of: 2020 unemployment benefits are tax-free. The first $10,200 in unemployment […]

The emergence of the COVID-19 virus made 2020 a very unusual tax year—with both The CARES Act and The HEALS Act being passed with significant tax changes. Add into the mix Payroll Protection Program loans and the regular list of deductions that freelance business owners can claim and you have a web of potential deductions […]