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 […]

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 […]

“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 as a taxpayer and freelance business owner. The good news is, there’s only one date […]

Do you remember what you were doing on July 31, 2015? It’s very likely that you don’t. So it’s even more likely that you don’t remember what President Obama was doing that day either. (Hint: He signed the highway funding extension bill into law.) Why are we bringing this up? Because the bill included many […]

If you’re like many freelancers and self-employed individuals tax season can be a time of mild to moderate frustration, with a heavy dose of “git ‘er done” mixed in. While you may be tempted to stick to only basic tax deductions (your home office, office supplies, mileage, meals, etc.) in order to reduce the time […]

What’s worse come December? The unending hunt for a good parking spot or buying the right present for your picky Uncle Todd? Add in responding to last-minute client requests and wrapping up presents and projects before the holidays and the end of the year is stressful. Yet, freelancers and the self-employed shouldn’t skip year-end tax […]