CPA for Freelancers

09/24/2024

Thank you to Freelancers Union for the honor of being Educator of the Year! Looking forward to celebrating with the this week!

03/22/2024

With the April 15 tax deadline just a few weeks away you should be aware of some adjustments to the standard deduction thresholds. Keep in mind that the standard deduction is in addition to any eligible freelance tax deductions that you may be able to claim.

Read the full article here...

https://www.cpaforfreelancers.com/filing-your-2023-freelance-taxes-take-note-of-these-inflation-reduction-act-adjustments-to-the-standard-deduction/

With the April 15 tax deadline just a few weeks away you should be aware of some adjustments to the standard deduction thresholds. Keep in mind that the standard deduction is in addition to any eligible freelance tax deductions that you may be able to claim. The 2023 changes to the standard deductio...

03/08/2024

Did you receive a subsidy from a health exchange in 2023? If so, you must report it on your tax return. The IRS is making this very clear with recent mailed reminders.

What else do you need to know? Here are some key points related to health care information forms and the reporting you do on your 2023 freelance tax return:

Read the full article here...

https://www.cpaforfreelancers.com/did-you-receive-a-subsidy-from-a-health-insurance-exchange-heres-how-to-report-it-on-your-freelance-taxes/

Did you receive a subsidy from a health exchange in 2023? If so, you must report it on your tax return. The IRS is making this very clear with recent mailed reminders. What else do you need to know? Here are some key points related to health care information forms and the reporting you do […]

02/22/2024

The U.S. Department of Labor (DOL) has introduced the Final Rule on Employee or Independent Contractor Classification, which was published in the Federal Register on January 10, 2024. This critical update aims to help employers correctly classify workers under the Fair Labor Standards Act (FLSA).

Read the full article here...

https://www.cpaforfreelancers.com/updated-worker-classification-rules-which-may-affect-freelance-businesses/

New Guidance on Employee vs. Independent Contractor Status from the Department of Labor Takes Effect March 24, 2024 The U.S. Department of Labor (DOL) has introduced the Final Rule on Employee or Independent Contractor Classification, which was published in the Federal Register on January 10, 2024.....

01/31/2024

Late last year, the IRS issued notice that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.

Read the full article here...

https://www.cpaforfreelancers.com/dealing-with-cryptocurrency-in-your-freelance-businesses-quick-tips-on-filing-form-8300-report-of-cash-payments-over-10000/

Late last year, the IRS issued notice that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. Under the regulation, businesses that receive more than $10,000 in cash must report transaction...

01/30/2024

Join CPA for Freelancers Jonathan Medows for the Feb. 7 Virtual Tax Workshop Spark with Freelancers Union to get the low down on the Corporate Transparency Act, the latest tax law changes and what you need to do to reduce your burden! Register now:

Tax season is right around the corner. Come get up to date advice and valuable information on filing federal taxes as a freelancer.

01/19/2024

The Internal Revenue Service (IRS) has set Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The time is now to review deductions and start organizing your business records for the 2024 filing season in order to get ahead of the April 15 tax filing deadline.

Read the full article here...

https://www.cpaforfreelancers.com/get-your-freelance-tax-information-ready-now-the-irs-announces-tax-return-filing-starts-jan-29-2024/

The Internal Revenue Service (IRS) has set Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The time is now to review deductions and start organizing your business records for the 2024 filing sea...

01/03/2024

If you owe freelance back taxes from tax years 2020 or 2021, the Internal Revenue Service (IRS)has good news: it recently announced new tax penalty relief for individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The relief is significant, totaling nearly $1.0 billion.

Read the full article here...

https://www.cpaforfreelancers.com/do-you-owe-pandemic-era-freelance-taxes-irs-2020-and-2021-penalty-relief-may-reduce-your-tax-burden/

If you owe freelance back taxes from tax years 2020 or 2021, the Internal Revenue Service (IRS)has good news: it recently announced new tax penalty relief for individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The relief...

01/03/2024

Although no significant tax legislation was enacted in 2023, there were changes from 2022 tax legislation that will have an impact on 2023 tax returns as well as changes being announced for 2024. Here’s a quick run down to help you be prepared for the coming tax season and new year ahead.

Read the full article here...

https://www.cpaforfreelancers.com/key-tax-changes-every-freelance-business-owner-should-know-for-tax-years-2023-and-2024/

Although no significant tax legislation was enacted in 2023, there were changes from 2022 tax legislation that will have an impact on 2023 tax returns as well as changes being announced for 2024. Here’s a quick run down to help you be prepared for the coming tax season and new year ahead. The Infl...

12/15/2023

Over the past several years, there has been a debate over changes to the Form 1099-K reporting threshold. The 1099-K is a form that was introduced in 2022 for third-party payment platforms such as Etsy, Shopify, and other e-commerce platforms to report the sales their users transact each year for income tax purposes. Read the full article here...

https://www.cpaforfreelancers.com/decreased-1099-k-reporting-thresholds-in-2024-may-increase-your-freelance-tax-obligations/

Over the past several years, there has been a debate over changes to the Form 1099-K reporting threshold. The 1099-K is a form that was introduced in 2022 for third-party payment platforms such as Etsy, Shopify, and other e-commerce platforms to report the sales their users transact each year for in...

12/04/2023

If you own a freelancer business, you need to be aware of the new reporting requirements effective Jan. 1, 2024 under the Corporate Transparency Act (CTA). This rule applies to you if you have a corporation, S-Corp, LLC or any other entity created by paperwork filed with a Secretary of State office. This is a business filing that is not related to tax filings in any way. Learn more on the blog:

If you own a freelance business, you need to be aware of the new reporting requirements effective Jan. 1, 2024 under the Corporate Transparency Act (CTA). This rule applies to you if you have a corporation, S-Corp, LLC or any other entity created by paperwork filed with a Secretary of State office.....

11/16/2023

Do you have unfiled freelance taxes involving foreign accounts? If so, it is important to be aware that the IRS is ramping up its enforcement in regard to taxpayers with outstanding taxes in these areas. Read the full article here...

https://www.cpaforfreelancers.com/unfiled-freelance-taxes-and-foreign-accounts-the-irs-ovdp-and-streamlined-procedures-may-offer-relief/

Do you have unfiled freelance taxes involving foreign accounts? If so, it is important to be aware that the IRS is ramping up its enforcement in regard to taxpayers with outstanding taxes in these areas. In fact, there are two key IRS programs which may offer you some relief from your unfiled foreig...