Budget

Tax Deductions Are Few for Pro-Bono Freelance Work, Get in the Know

For the expenses you can deduct (see the IRS guidance below), you must itemize your deductions on Schedule A of your federal 1040 tax return for them to be eligible and this practice is usually only favorable if the amount would be greater than the standard deduction which is now $12,950 for individuals and $25,900 for married taxpayers filing jointly. […]

Budget

IRS reminds taxpayers who haven’t filed yet to choose their tax preparer wisely

Taxpayers who have not yet filed their 2021 tax return may file electronically when they are ready rather than wait until the October 17, 2022, extension deadline. If they are considering hiring a tax preparer, it’s important to choose wisely. Taxpayers are responsible for all the information on their tax return, no matter who prepares it for them or when it’s filed. […]

Budget

School is out for the summer, but tax planning is year-round

Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common summertime tax situations and tips to help taxpayers figure out if they apply to their tax situation […]

Budget

What Is Invoicing?

As a freelancer, the work you do and the pay you receive for it can vary quite a bit. And, unlike with an employer/employee relationship, it’s on you to ensure each client knows when and how much to pay for a given period of time or work completed. […]

Budget

4 Tax Tips for First-Time Freelancers

But, when it comes to taxes, the story is a bit different. Freelancers no longer have it as easy as a traditional employee. In fact, if this is your first year working as a freelancer, you can expect major changes when it comes to managing your taxes. Here are four tips to get you started. […]

Budget

The Best Airline Credit Cards

After over 14 years of traveling the world, I’ve lost count of how many free flights and upgrades I’ve had. Thanks to travel hacking, I’ve been able to enjoy free flights, free hotel stays, upgrades, lounge access, and more — all without any extra spending. […]

Budget

7 Benefits of Hiring a Freelance Accountant

Every business needs the services of an accountant, from financial reporting to tax filing. The cost of a full-time accountant on staff is too high for many companies. Hiring a freelance accountant allows you all of the benefits of an accountant while helping you manage your costs. […]

Budget

Important reminders for people filing their tax return at the last minute

Taxpayers who electronically prepare and file online will likely have fewer mistakes on their tax return. Electronic filing options like IRS Free File or commercial tax software do the math, flag common errors, and ask for missing information. Taxpayers with income over $73,000 and those who are comfortable completing their tax returns may choose to use IRS Free File Fillable Forms. […]