Tax basics: Understanding the difference between standard and itemized deductions

One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer's choice, including changes to their tax situation, any changes to the standard deduction amount and recent tax law changes.Generally, most taxpayers...

16h

Hardship Accommodation Plan for Economic Injury Disaster Loans May Help Your Freelance Business Cash Flow

If your freelance business received an Economic Injury Disaster Loan (EIDL) during the COVID pandemic, it will soon be time to start paying it back, given that The U.S. Small Business Administration’s (SBA) extended 30-month deferment period is coming to a close.Under the SBA’s existing deferment program loan payments were deferred for up to 30 months...

6d

IRS sets Jan. 23 as official start to 2023 tax filing season; more helpavailable for taxpayers this year

The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline. People have three...

1w

Taxpayers should hang up if tax season scammers come calling

The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.However, it's easy for people to recognize this scam by knowing how the IRS contacts taxpayers.The IRS will never:Call to...

2w

Preparing for Your Best Year of Fitness

If you're getting ready to make New Year's fitness resolutions — don’t. Instead, design a yearlong fitness plan to make sure that you have effective lifestyle changes in place.Month-by-month planUse this yearlong plan to improve your health each month:January. Set your goals. Take a look at your life. What's missing? What do you wish you could do? Invest...

2w

FTC Proposes New Rule to Ban Non-compete Agreements

On Thursday, January 5th, The Federal Trade Commission (FTC) rolled out a proposal to prohibit employers from implementing non-compete clauses that limit workers’ freedom to explore opportunities.In the freelance context, a non-compete agreement forbids you from engaging in direct or indirect competition with your client for a fixed period of time,...

3w

Freelancers with Crypto Income: Get Up to Speed on New IRS Guidance and Reporting Requirements for Digital Assets

Last year the introduction of the Infrastructure Investment and Jobs Act clarified and expanded the rules for reporting of information on digital assets by brokers. The United States Treasury Department and the Internal Revenue Service (IRS) have just announced that brokers are not required to report additional information related to the dispositions...

3w

5 Irritating Problems Freelancers Face (and How to Deal With Them)

Freelancing isn’t easy. Though there is a certain amount of freedom and flexibility that comes with gig work or working for yourself, there are also a surprising number of obstacles to overcome — some of which are downright frustrating. Every job has its pitfalls, but if you are freelancing, it’s likely because the pros greatly outweigh the cons. Still,...

3w

How To Ask for What You Want and Need

How many GREAT things do you think would flow into your life if you simply asked for them?I mean, explicitly asked. Maybe you would get:The support you needA raise or promotionA game-changing opportunityBetter projectsThe time you need to create and deliver an outstanding resultMore respectNow, consider what happens when you don’t ask for what you want...

3w

Governor Kathy Hochul Vetoes the New York State Freelance Isn’t Free Law, Which Would Have Expanded Landmark Protections to Freelancers Across the State

On December 23rd, Freelancers in New York State received a major blow with the news of Governor Kathy Hochul vetoing the Freelance Isn’t Free legislation (S8369B/A9368A). This unfortunately marks the second freelance-related legislation that has been vetoed by the Governor this year after rejecting a plan to expand the Secure Choice Law (S8654A/A9882A),...

4w