Why freelance writers (really) need liability insurance

If you can’t seem to shake that nagging thought about needing to get liability insurance, it’s for good reason. However, for many freelance writers, being uninsured has traditionally had more to do with the challenge of finding a provider that actually offers professional liability coverage that meets the needs of independent writers, less with them…

A step-by-step guide to getting paid what you deserve

Whether you work for yourself or someone else, knowing what to ask for when it comes to compensation is tricky. You don’t want to seem entitled, you don’t want to lose out to someone else who asked for less, and you don’t want to have that awkward conversation about money in the first place. But…

How to take parental leave and keep your freelance business thriving

My customers will forget me if I take a parental leave. My business won’t thrive anymore when I become a parent. That’s what I’ve heard from many young freelancers and business owners. For a long time, I was also convinced that it’s impossible to combine parenting with running a freelance business. And then I became…

New rules for PPP loans make forgiveness easier for freelancers

Did you take a Paycheck Protection Program (PPP) loan for your freelance business of less than $50,000? If so, the U.S. Treasury Department and the Small Business Administration (SBA)  just made applying for PPP forgiveness a little easier with a simplified loan forgiveness application (SBA Form 3508S). The new interim final rule (IFR) provides guidance…

Understanding new IRS rules about deducting meals and entertainment

The major changes to entertainment and meal expense deductions brought about by the Tax Cuts and Jobs Act (TCJA) in 2017 may be a distant memory for many freelancers, but the IRS is still in the process of finalizing them, a move that may impact your tax obligations. The original guidance under the TCJA essentially…

Did you file a tax extension? It’s almost time to pay.

Remember when the IRS extended the annual tax deadline at the beginning of the coronavirus pandemic to July 15? Did you pay your freelance income taxes then —or did you decide to file an extension? If you opted to file an extension, it’s now time to file your taxes so you don’t miss the deadline…

How to save money on a freelancer’s income

It’s tough to save money, especially when your income is unpredictable. If you’re self-employed, you’ll likely have to pay for health insurance and retirement out of pocket. However, there are ways to save your money that will benefit you immensely in the long run. Put a bit of each paycheck aside. Whenever you receive a…

Student loans 101: How do you get out of default?

This post is from our partner Summer, your trusted student loan advisor. To start your free Summer account and find, compare, and enroll in federal loan assistance and forgiveness programs, click here. “How do I get out of default?” is one of the most frequent questions we get from borrowers. Being in this situation can…

Do you have to pay income tax on unemployment benefits?

A key element of the CARES Act was the ability for the self-employed to apply for unemployment benefits under the Pandemic Unemployment Assistance (PUA) program. However, what may not be clear to many self-employed people who are receiving unemployment payments, often for the first time in their working lives, is that this income is taxable…

Moved temporarily? Here’s how it could affect your taxes.

The coronavirus pandemic has been motivating factor for some freelancers who have moved to avoid being in a virus hotspot or to be closer to family. While it can be advantageous to move in some regards, it may also affect your tax situation. It’s important to know what is considered an official “move” and how…

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…