CPA for Freelancers

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

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The Self-Employment Tax Wage Threshold is Rising. Time to Change Your Freelance Business Entity?

The Social Security Administration (SSA) recently announced an increase to the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax. The wage threshold for these taxes will increase to $142,800 in 2021 up from $137,700 in 2020. The OASDI tax rate is 6.2%, Self-employed freelancers will pay these taxes at […]

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Watch Out for this Hidden 2017 Tax Increase

Perhaps you’ve heard from the older folks you know that the government is feeling generous when it comes to Social Security recipients this year—giving them a whopping 0.3% cost of living adjustment (COLA). What you probably haven’t heard is that the IRS has quietly raised the “wage base” (a.k.a. the maximum amount of earnings) that […]

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