CPA for Freelancers

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

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Freelance Businesses Claiming the Employer Retention Credit Now Face an Increase in Taxable Income

The Employer Retention Credit (ERC) was first introduced in 2020 as part of the U.S. government’s relief for small businesses who were adversely affected by the pandemic and was also made available in 2021 to employers who kept employees on their payroll during Covid-19. The bad news: if you applied for the ERC in 2020 […]

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Is the IRS Backlog Affecting Your Freelance Business? This Advice Can Save You Headaches and Hassles

Although it is almost the midpoint of the tax filing season for 2021 returns, the IRS is lagging seriously behind on processing 2020 returns, to the point that the delay in processing returns from prior years and issuing refunds is so dire that many freelancers and business owners have been waiting to resolve their IRS […]

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Cryptocurrency Taxes 101: What You Need to Know About Filing Virtual Currency on Your 2022 Taxes

What is cryptocurrency and how does it impact your taxes?   As more people are investing in cryptocurrency, how complex can this get if they do their own taxes? What are some factors they need to keep in mind? While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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Quick Wins for Your Tax Return: Easy to Miss Tax Deductions

What are a few items people tend to miss when they do their taxes, whether filling out their tax form themselves or using a tax software?   Medical expenses (if they are significant). The IRS allows you to deduct unreimbursed expenses for preventative care, treatment, surgeries, and dental and vision care as qualifying medical expenses. […]

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The IRS Makes Eliminating Tax Debts Easier with New Offer in Compromise Rule

If you have significant tax debt, cleaning it up may be the ultimate holiday gift that you can give to yourself as a freelance business owner. Not only will it put you more in control of your finances, it will also free you from paying burdensome interest, penalties, and fines related to back taxes. One […]

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DIY Self-employed Taxes vs. Hiring a Tax Professional in 2022

Have you been hemming and hawing on whether or not to hire a professional to do your taxes? Has there been a large change in your life that has impacted your finances or maybe you just aren't sure what you are doing? Read through some commonly asked questions and changes and then make your decision. […]

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Moving & Taxes: Your Questions Answered

Are you thinking of moving or doing business in another state? Read through to get some quick answers to your tax questions. What tax implications should someone consider if they are moving from one state to another? What records would they need to show, if any? From a business perspective for self-employed individuals, if you […]

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NYS Postpones Key Tax Filing Deadlines including the extension deadline of October 15, 2021

On September 17, 2021, New York State (NYS) extended the State Disaster Emergency declaration related to Hurricane Ida (now categorized as a post-tropical depression). As a result of this declaration, NYS has postponed certain tax filing deadlines, including the extension deadline of October 15, 2021, until January 3, 2021. This applies to taxpayers in the […]

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Receiving Freelance Income Through Peer-to-Peer Payment Apps? Tax Obligations Apply.

Do you receive payments for your freelance business through peer-to-peer (P2P) payment apps such as Venmo, PayPal and Facebook or other mobile platforms? If so, it’s important to know how income from these apps will impact your freelance taxes. In fact, because of the potential for transactions to “fall through the cracks” of your regular […]

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Already Filed Your Freelance Taxes? Here’s When to File an Amended Return

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 […]

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