What you need to know about the home office tax deduction

This article was first published by the IRS and has been reproduced with permission. Subscribe to IRS tax tips here. The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a…

Freelancers just got a new option for student debt relief

Student debt is a crushing burden for millions of Americans, totaling more than $1.6 trillion in the U.S. in 2020. The average student loan burden is $32,731, more than double what it was 20 years ago. It also unjustly affects BIPOC communities. Twenty years after college graduation, the median white college graduate has paid off…

Tax time is finally here

When the IRS extended the annual tax deadline at the beginning of the coronavirus pandemic, the new July 15 deadline may have seemed like it was a long way off. Now, in just a few short days, you will need to either file your freelance taxes or file an extension, which will give you until…

A new PPP update could increase your loan forgiveness to 100%

On June 7, the Paycheck Protection Program Flexibility Act was passed into law, extending the covered period in which borrowers can use Paycheck Protection Program (PPP) loan funds from eight weeks to 24 weeks. The extension applies even if you received a PPP disbursement prior to the enactment of this new rule, and could be…

Beware these myths about tax refunds

This article was first published by the IRS and has been reproduced with permission. Subscribe to IRS tax tips here. With the new federal tax date (July 15) approaching, many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail. If you’re expecting a…

The hidden ways the CARES Act can improve your cashflow

By now, the major coronavirus relief programs put in place by the CARES Act in March – Pandemic Unemployment Assistance, the Paycheck Protection Program, Economic Impact Payments, etc. – have been well-covered. But there’s a lot more to the $2 trillion stimulus bill, the largest in U.S. history, and there are a few lesser-known sections…

4 signs it’s time to rethink your rates

Regardless of what services you offer, there’s one thing that all freelancers need to do in order to run a successful business: set their rates. Money can be an uncomfortable subject for many people, and freelancers are no different. But if you’re going to succeed in this business, you’ll need to start making smart financial…

Need help with your unemployment insurance claim? Here’s what to do.

By now, it’s no secret that Pandemic Unemployment Assistance (PUA) systems across the country are not working. On May Day, we published the results of our latest survey, in which a shocking 84% of Freelancers Union members who had applied for government assistance had not yet received a single dollar. Four weeks later, things have…

The freelancer’s guide to using your paid leave tax credit

This article is reproduced with permission from A Better Balance. In March, Congress passed a new law called the Families First Coronavirus Response Act (FFCRA). Among other emergency protections, the law creates new tax credits for freelancers and other self-employed people to compensate for lost income when you cannot work for certain coronavirus-related reasons. Here’s…

3 things you should know about the Paycheck Protection Program

This article is reproduced with the permission of our partner, Trupo. Whether you’re a sole proprietor or a small business owner, you might be looking into getting an SBA loan through the Paycheck Protection Program. However, you might be having issues hearing back from a PPP lender, or wonder how Unemployment Insurance or Pandemic Unemployment…

To get a PPP loan forgiven, you’ll need to ask

If you were able to get a loan under the Paycheck Protection Program (PPP) recently, you should be aware of some important follow-up guidance recently released by the IRS that may impact your taxes. PPP loan forgiveness, self-employment income, and your taxes Under the new PPP guidance, any expenses eligible to be forgiven from your…

Five Tricks to Try if You Still Haven’t Gotten Government Relief

This article is reproduced with the permission of our partner, Trupo. Getting federal relief has been challenging for many. Unemployment Insurance can take patience and persistence. For many, it’s discouraging and worrying to repeatedly redial or wait for payments to finally come through. While there are no definite solutions or magic ways to get paid,…

What freelancers need to know about the EIDL program

While the Paycheck Protection Program (PPP) was newly created by the CARES Act, Economic Injury Disaster Loans have been offered by the Small Business Administration for years, traditionally to businesses in regions that have been impacted by a natural disaster. The CARES Act, passed in March as the first major stimulus bill in response to…