CPA for Freelancers

Taxes, Accounting, & Business Advice for the Self-Employed

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A New Window of Opportunity for Freelancers Who Need a PPP Loan Opens Today

On Monday, February 22, President Biden announced an important new opportunity for micro-businesses to more easily access the Paycheck Protection Program (PPP) which provides loans to businesses who have experienced a loss of revenue due to the COVID-19 pandemic. The changes, which create a 14-day window of improved access to the funding for businesses with […]

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New IRS Form Helps Freelancers Determine Eligibility for Sick Leave and Family Leave Credits on 2020 Tax Return

If you were sick in 2020  or the beginning of 2021 due to COVID-19, or you had to take time away from your freelance business to care for a family member who was, you’ll want to see if you are eligible for qualified sick and family leave equivalent tax credits with IRS Form 7202, “Credits for […]

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The Application for the New Round of PPP Funding is Now Available

One of the key provisions of the new HEALS Act is a second round of the Paycheck Protection Program (PPP) loans. On January 9, the Small Business Administration (SBA) released its application for businesses to apply to receive “PPP2” funding. There is more than $284 billion allocated for forgivable “PPP2” loans with a reduction in […]

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Unemployment Income? Here's What It Means for Your Freelance Taxes

A key part of The CARES Act for freelancers was the ability for the self-employed to apply for unemployment benefits to offset income lost due to the Covid-19 pandemic under the Pandemic Unemployment Assistance (PUA) program. However, what may not be clear to many people who are receiving unemployment payments, often for the first time […]

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Coronavirus Tax Relief is on the Way for Freelancers

On Friday, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced two new refundable tax credits which offer  relief to employees, small and midsize businesses, and the self-employed under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. How will these credits […]

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IRS Extends Filing Deadline for Tax Returns and Estimated Taxes Until July 15

Things are changing rapidly in our country and this includes tax payment deadlines. While the IRS is working on comprehensive tax relief measures to address the enormous impact of the corona virus, here are the immediate changes all taxpayers need to be aware of: 1.The IRS has extended the filing deadline for federal taxes and […]

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These Deductions Could Trim Your Freelance Taxes by 20%—Or More

Once you have your last estimated tax payment for 2019 taken care of this month (it’s due January 15), it’s time to focus on this year’s freelance tax return. After all, the sooner you get your 2019 taxes filed and out of the way, the sooner you can look forward to any potential refund and […]

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Learn How the New Tax Rules May Make Your Freelance Retirement More SECURE

The new year brings with it some important changes to retirement savings laws which may impact your freelances taxes and retirement accounts. First, the Internal Revenue Service (IRS) has increased the contribution limits for 401(k)s and other retirement plans as follows starting January 1, 2020: Maximum employee contribution rises $500 – from $19,000 to $19,500 […]

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