CPA for Freelancers

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

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.

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

Filing Your 2023 Freelance Taxes? Take Note of These Inflation Reduction Act Adjustments to the Standard Deduction - CPA for Freelancers 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...

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 Insurance Exchange? Here’s How to Report It on Your Freelance Taxes - CPA for Freelancers 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 […]

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).

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

Updated Worker Classification Rules Which May Affect Freelance Businesses - CPA for Freelancers 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.....

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.

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

Dealing with Cryptocurrency in Your Freelance Businesses? Quick Tips on Filing Form 8300, Report of Cash Payments Over $10,000 - CPA for Freelancers 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...

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:

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

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.

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

Get Your Freelance Tax Information Ready Now! The IRS Announces Tax Return Filing Starts Jan 29, 2024 - CPA for Freelancers 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...

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.

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

Do You Owe Pandemic-Era Freelance Taxes? IRS 2020 and 2021 Penalty Relief May Reduce Your Tax Burden - CPA for Freelancers 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...

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/

Key Tax Changes Every Freelance Business Owner Should Know for Tax Years 2023 and 2024 - CPA for Freelancers 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...

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/

Decreased 1099-K Reporting Thresholds in 2024 May Increase Your Freelance Tax Obligations - CPA for Freelancers 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...

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:

Have a Freelance Business? The Corporate Transparency Act Means New Reporting for Your Freelance Business - CPA for Freelancers 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.....

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/

Unfiled Freelance Taxes and Foreign Accounts? The IRS OVDP and Streamlined Procedures May Offer Relief - CPA for Freelancers 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...