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Covid-Era Business Meal Deductions May Take a Bite Out of Your 2021 Freelance Taxes

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 […]

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Catch These Year-End Freelance Tax Deductions Before Dec. 31

There are only a few weeks left until the end of the year, which means your window for leveraging last-minute tax deductions for 2019 is rapidly closing. Here’s the run-down on what you can do to snag these tax-saving deductions for your freelance business before the ball drops on Dec. 31. Measure up your home […]

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Two Ways to Get a Handle on Your Freelance Travel Expenses

If you are a freelancer who travels for work or who hires subcontractors to travel on your behalf, then you are likely already aware how time-consuming keeping track of travel expenses for tax purposes can be. Getting a handle on your freelance travel expenses doesn’t have to be complex, but it does require discipline to […]

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Selling Your Home This Spring? It Could Reduce Your Freelance Taxes

Spring is often when the housing market heats up with home sales generally peaking in May and June. According to an ATTOM Data Solutions report, in the United States,  May is the best month to sell your home based on the higher price premium you are likely to get. June 28 is the best single […]

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How Freelancers Can Maximize the 20% Pass-Through Tax Deduction

If you have been keeping tabs on the changes you might see on this year’s tax return, the 20 percent deduction for pass-through businesses probably caught your attention. Now that it’s time to file your business taxes, it’s worth knowing how to maximize this deduction to lower your tax liability as much as possible. If […]

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Take Advantage of These 8 Tax-Saving Gifts for Freelancers Before the Year Ends

At this time of year, it often feels like there are a lot of outgoing expenses—gifts, holiday entertaining and all the extras that go along with the holiday season. However, there are things that freelancers can do before December 31 to offset extra spending. The basic strategy is to maximize all available tax savings for […]

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Not Just for Kids: How Changes to the Kiddie Tax May Benefit Freelancers

Among the many changes brought about by the Tax Cuts and Jobs Act (TCJA) are those pertaining to what is known as the “Kiddie Tax.” These changes may be of special interest to you if you are a young freelancer and still being claimed as a dependent on your parents’ tax return. If you have […]

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How Tax Reform is Taking a Bite Out of Meal and Entertainment Expense Deductions

Now that we’ve officially rung in a new tax year, it’s time to address the key provisions of the Tax Cuts and Jobs Act (TCJA) that are likely to impact you as a freelancer on a day-to day basis. One area that is worthy of immediate consideration is that of meal expense tax deductions. As […]

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529 Plans—They’re Not Just for Kids!

If you went to college and you were lucky enough to have a family member help you out with the costs, you may be familiar with what a 529 plan is: a savings vehicle specifically designed for those who need to put money aside to cover the costs of higher education. But you may be […]

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The Top Tax Tips Every Software Developer and IT Professional Should Know

If you’re an independent software developer or a self-employed IT professional, having knowledge of key tax issues relevant to your business is critical to your success. Take note of the following tax tips to stay in compliance from our nyc cpa, mitigate unnecessary tax burdens and avoid tax penalties. Evolve your entity structure with your […]

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