This publish was initially printed March 19, 2020, and was up to date with new info March 20, 2020.
Issues are altering quickly for the freelance neighborhood, and this consists of tax cost deadlines. Whereas the IRS is engaged on complete tax reduction measures to handle the large influence of COVID-19, listed here are the fast adjustments all freelancers want to concentrate on:
1. The IRS has prolonged the submitting deadline for federal taxes and first quarter estimated taxes till July 15 with out penalty or curiosity.
2. Adjustments to the submitting deadlines for particular person states haven’t been introduced. They might change, however are depending on every state’s personal actions. Make sure you examine your state’s standing to keep away from late submitting penalties.
This example is quickly evolving, so watch for extra updates. Although the submitting deadline has been moved till July 15, since many people have extra time at dwelling proper now, that is the best alternative to proceed with getting your taxes able to be filed.
Being proactive together with your taxes permits you to be strategic, no matter whether or not you’ll have a legal responsibility or refund. Should you do have a legal responsibility, it’s best to know the way a lot you owe as quickly as attainable so you’ll be able to price range to pay on time. If you’re owed a refund, submitting now will expedite getting the cash again in your pocket.
Jonathan Medows is a New York Metropolis based mostly CPA who makes a speciality of taxes and enterprise points for freelancers and self-employed people throughout the nation. He gives a free session to members of Freelancer’s Union* and a month-to-month electronic mail publication protecting tax, accounting and enterprise points to freelancers on his web site, http://www.cpaforfreelancers.com— which additionally contains a new weblog, how-to articles, and a complete freelance tax information.
*Jonathan is joyful to supply an preliminary session to freelancers. To qualify for a free session you should be a member of the Freelancers Union and point out this text upon contacting him. Please observe that this supply shouldn’t be obtainable March 1 by way of April 18 and covers a normal dialog about tax obligations of a freelancer and potential deductions. These conferences don’t embrace assessment of self-prepared paperwork, assessment of self-prepared tax returns, or the assessment of the work of different preparers. The free assembly doesn’t embrace the preparation or assessment of quantitative calculations of any type. He’s joyful to supply such companies however would wish to cost an hourly price for his time.