Get Your Freelance Tax Information Ready Now! The IRS Announces Tax Return Filing Starts Jan 29 20241/25/2024
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The Internal Revenue Service (IRS) has set Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The time is now to review deductions and start organizing your business records for the 2024 filing season in order to get ahead of the April 15 tax filing deadline. Expecting a freelance tax refund? Start organizing your tax return documents to expedite the tax preparation process and get any potential refund sooner:
If you expect a tax refund, the easiest way to check your refund's status is by using Where's My Refund? on IRS.gov or the IRS2Go app. Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before mid-February. 16 Key Freelance Tax Deductions to Reduce Your 2023 Self-employed Tax ObligationsAs you begin planning for tax filing, review the list below to ensure you are getting all the business deductions to which you are entitled. As always, if you need assistance, speak with a self-employed tax professional. If you are expecting to owe taxes on your 2023 freelance tax return, you will want to reduce your taxable income as much as possible with eligible business deductions. This list is a good starting reference point: 1. Startup costs - deductible up to $5,000Small business owners may take a startup cost deduction of up to $5,000 in startup costs in their first year of business. This can include legal fees, employee training, and market research. You can only take this $5,000 deduction if your total startup costs are $50,000 or less. If your startup costs exceed $50,000, you'll see a reduction in your allowable deduction. If your startup costs are over $55,000, you won't be able to take the deduction. 2. Home office - deductible variesSmall business owners who work from home or have a dedicated home office can take this deduction. The deduction amount depends on the percentage of the home you use for business purposes. There are two methods for determining your home office deduction:
Using this method for example, say your home office is 300 square feet and your home is 1,500 square feet. Your total home expenses for the year were $10,000. Your deduction would be $2,000, or (300 / 1,500) x $10,000. forget that you can also deduct any home office supplies and furniture you. 3. Retirement plan contributions.Making contributions to retirement accounts is a smart move for your financial future - and they are business write offs.. The amount you can deduct depends on the type of plan you have or set up. For example, the limits for 2023 are:
Matching contributions: Those contributions made to your employees’ accounts are tax deductible, to a limit. The total limit for a 401(k), including employee and employer contributions, is $66,000 for 2023 ($73,500 if you’re 50 or older). 4. Asset Depreciation.Depreciation is a tax break that allows businesses to write off the cost of certain assets over time. This can include equipment, vehicles, and property. For most assets, nearly the entire purchase price is tax deductible over time. By spreading out the cost of these assets over several years, businesses can reduce their taxable income and lower their tax bill. This can result in large savings and is easily overlooked. 5. Certain meals can also be a small business deduction in two different ways:
6. 1099 deductions for contractor-provided services.If you hire a contractor or freelancer, you can deduct the entire cost. For example, if you pay a freelancer $1,500 for work on your website. The entire $1,500 is fully tax-deductible. These 1099 write-offs can reduce your tax liability, whether you’re a business owner or a freelancer. If you’re a freelancer or contractor who receives a 1099-NEC, you may be eligible for certain 1099 deductions, such as claiming part of your self-employment tax as a deduction. 7. Business travel is 100% deductible.If you need to travel out of town for business, the cost of getting to and from your destination is tax-deductible including mileage at 67 cents per mile in 2024; it was 65.5 cents in 2023. Lodging expenses are also 100% tax-deductible. Deductible costs also include plane tickets, hotels, rental car costs, parking fees, cost of taxis or ridesharing, etc. Business must be the main purpose of your trip but if it includes personal costs as well, keep records of your business travel expenses separately. 8. Gifts - Maximum deduction of $25.00/person.Gifts for clients, customers, and employees are deductible. But there’s a catch—the limit is $25.00 per person. Promotional items with your company's name, such as calendars or pens, don’t count toward that limit if they cost $4.00 or less. 9. Auto expenses - 100% or percent of vehicle usage deductible.Small business owners can deduct auto expenses, even if it’s their own car. If the vehicle is solely for business use, all costs are tax-deductible. If you use the car for business and personal activities, the standard mileage rate or actual expenses method will determine the deduction amount. Here is how to calculate it: As noted above, the standard mileage rate for 2023 is $0.655 per mile. The standard mileage rate is the easiest. You track your miles and multiply that by the IRS standard mileage rate. For example, if you used your personal vehicle to drive 5,000 miles for business, your deduction would be $327.50, or 5,000 x $0.655. Another way to take a business vehicle deduction is through the actual expense method which is calculated like this: Total vehicle expenses x business miles divided by total miles. The actual expense method means you track all vehicle-related expenses, such as insurance, fuel, and maintenance. You’ll also track your miles driven for business. Your deduction amount will be the total expenses for your car multiplied by the percentage of business-related miles. 10. Business taxes are deductible.This includes taxes you pay for payroll, such as Social Security and Medicare taxes. Other examples include: (1) State and local income tax, (2) Sales tax for business purchases; and (3) Real estate tax for business property. 11. Charitable contributions, review rules for accurate deductions.There are tax breaks available for small businesses that make charitable contributions including the following:
12. Rent and utilities are 100% deductible.Rent payments for business properties: The deduction includes offices, storage, warehouse, etc. If you have an agreement to buy the property at some point, you cannot deduct rent payments. The property must be exclusively for business purposes. If you use any part of the property for personal purposes, the rent payments may not be fully deductible. 13. Interest on debts related to your business.Interest that your business pays on debt, such as loans or credit cards, is tax-deductible. Your business must be legally liable for the debt. Businesses with revenue of $27 million or less can deduct 100% of their interest expenses. For all others, there is a limit on the tax deductibility of interest expenses. The deduction cannot be above 30% of your taxable income. 14. Salaries and wages that you pay your employees.This includes salaries, wages, bonuses, and benefits. However, salaries must be reasonable and ordinary. In order to qualify for deducting employee compensation costs, small business owners must properly document all payments, including keeping detailed records of hours worked, pay rates, and any additional benefits or bonuses. 15. Legal and professional fees, Business Insurance, and Health Insurance are all 100% deductible.
16. Subscriptions, Internet/phone, Education, and Marketing/Advertising - 100% deductible
Now is the time to start getting your freelance tax documentation together so you can check it off your to-do list and file your taxes in a timely fashion. Be sure to track your deductions, and if you have trouble efficiently gathering tax documents, start systematizing your documentation process now to make it easier next year. Simplify your freelance taxes and take advantage of tax breaks with professional help.Getting a head start on tax season can help you alleviate the burden of preparing your freelance taxes. By working with a tax professional you can ensure that you can take advantage of new tax breaks and all of the ones you are entitled to. If you have questions about your freelance taxes, you owe taxes or you have back taxes and unfiled returns, it is advisable to speak with a self-employment tax professional to ensure you receive accurate advice that is specific to your individual tax situation. via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/25/get-your-freelance-tax-information-ready-now-the-irs-announces-tax-return-filing-starts-jan-29-2024/
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This article is posted with permission from our partner TaxAct. File your freelance taxes with confidence using TaxAct’s easy-to-use tax software. Freelancers Union members get 25% off the cost of federal and state tax filing: https://bit.ly/freelancers_taxact_blog The IRS officially kicks off the 2023 tax season on Jan. 29, 2024, which would make this the first day the agency begins accepting both e-filed and paper income tax returns. However, if you want to get an early start on tax filing, you can complete your income tax return with us at TaxAct, and we’ll send it to the IRS right away when they begin accepting returns on Jan. 29. If you’ve already completed your 2023 return — great! Your return should be one of the first in line for processing by the IRS. But if you haven’t filed your taxes yet, don’t fret. You have plenty of time to get started. In fact, you can easily begin today by selecting the 2023 TaxAct® product that best fits your tax situation. Why e-file your taxes?Choosing to electronically file (e-file) your tax return is the quickest and most efficient way to submit your taxes to the IRS. But that’s not the only reason you should consider e-filing your return this year. Let’s go over a few more reasons why e-filing may be the best option for you this year. 1. Fast and accurate filing: no math requiredWhen you e-file using tax prep software such as TaxAct, you can complete your return faster and with greater accuracy. That’s because tax software like ours does the math for you and guides you through every step of your return, even potentially helping you identify opportunities for tax savings. Not only that, but the IRS can process your income tax return faster when you e-file your taxes. You don’t have to rely on snail mail, which tacks on extra time before the IRS has your return in hand. E-filing also lessens the risk of someone at the IRS mistyping your information from a paper form into their system, so it can reduce the likelihood of human error causing a problematic typo on your tax return. 2. Get your tax refund fasterIf you’re due a tax refund for 2023, e-filing usually means your money will hit your bank account much quicker. When you e-file your tax return, it’s immediately sent to the IRS for processing, whereas paper tax returns take much longer. You can use the IRS Where’s My Refund? tracking tool 24 hours after e-filing your tax return, but you’ll have to wait up to four weeks to track your refund if you paper filed your tax return. Want your tax refund even faster? Make sure to select direct deposit as your method of receiving your tax refund to have your money in hand as quickly as possible. 3. Receive confirmation for peace of mindOne of the main benefits of e-filing is that you can elect to get an electronic confirmation when the IRS receives your tax return. No more waiting and wondering if the return you gave to the mailman has reached its intended destination. Once you file your return using TaxAct and it’s accepted by the IRS, we’ll send you an email or text notification letting you know processing is underway. 4. E-file now, pay laterIt is a common misconception that you must pay any taxes owed immediately when you e-file your tax return. In truth, you have some flexibility. You can pay tax amounts owed when you e-file, or you can e-file early and set up an automatic payment to be made on the tax deadline (April 15, 2024). Payments can be sent electronically from your bank account, with a check, through a money order, or by credit card. While you still must pay your tax bill by the tax filing deadline, filing early gives you more time to prepare and save for any unexpected taxes owed. 5. Stay organizedUsing DIY software to file your taxes creates a permanent electronic record of your tax return. This allows you to easily access it for future use, like when tax time rolls around next year. If you continue to use TaxAct as your means of e-filing, we’ll already have your 2023 tax return data from the previous year, meaning we can immediately transfer last year’s information into your new tax return to save time. Plus, let’s be honest, it’s much easier to keep track of a digital copy saved on your computer than having to track down a paper copy. With TaxAct, once you file this year’s tax return, you can access it for seven years at no charge. Goodbye, cluttered filing cabinets! 6. Keep more money in your pocket when e-filingDon’t spend more money than necessary to file your income tax return. With just a little comparison shopping, it’s easy to identify affordable options, and our prices are hard to beat. Ready to beat the rush and put tax filing behind you? Start e-filing your tax return today. This article is for informational purposes only and not legal or financial advice.All TaxAct offers, products and services are subject to applicable terms and conditions.via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/24/the-irs-is-open-for-business-why-e-filing-is-a-smart-choice/
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In traditional employment contexts, other people not only own your skillset, but they also own your ideas and the products of your labor. This unequal bargain now means that because the company owns your skills, it is their job to “professionally develop” you. In employee-employer relationships, we rely on others to define our goals and push us toward achieving them. This dependence not only destroys our intrinsic motivation but also dulls our capacity to understand our purpose and build meaningfully toward it. Independent workers must break away from the traditional power dynamics by reclaiming ownership of their skills and expertise. Unlike conventional employees, whose skills are often considered company assets, freelancers own their expertise. This power shift allows freelancers to decide how, when, and where they want to develop their skills, putting them in the driver's seat of their growth as an entrepreneur and a human. This is the third part of a series on Boss Mindset: How to Own Our Work, Worth, and Wisdom. Let’s talk about wisdom. Expertise and AuthorityFor independent workers, skills and ideas are not commodities owned by someone else. This freedom fosters creativity, innovation, and a sense of ownership over our expertise. This freedom also forces our ideas to compete in an open market, which demands that we consistently improve what we do and how we do it to succeed. Freelancers who run their businesses like a boss take this challenge seriously and leverage their expertise as an authority with their clients. Clients are not looking for an employee that they have to tell what to do, train, and manage along the way. Clients are looking for top-tier experts who understand precisely what they need and then independently execute. Operating at this level of authority fundamentally changes the value proposition for clients and the understanding of worth as a freelancer. Instead of just an executor whose value is dictated by time spent or deliverables completed, expert freelancers are compensated for the value of the problems they solve for their clients. Self-DevelopmentTo operate at the highest level of expertise, professional development has to be a self-driven pursuit. Freelancers recognize the need to stay relevant in a dynamic market and actively seek opportunities for continuous learning. Whether enrolling in online courses, attending workshops, or participating in industry events, freelancers take charge of their own development, recognizing that their skills are an asset they control. Freelancers are not just workers; they are entrepreneurs. They operate as small businesses, managing their brand, marketing their skills, and seeking growth opportunities. This entrepreneurial mindset encourages freelancers to view their skills as a personal investment and actively seek ways to enhance and diversify their offerings. The intrinsic and extrinsic rewards of entrepreneurship reinforce the drive to get better and better at what we do. When we own the choice to develop ourselves and seek out exciting and relevant opportunities professionally, the improvement process is a reward in and of itself. This is only reinforced by the extrinsic rewards of better clients, more exciting projects, and higher rates. Doing Less BetterAs we grow as professionals, we must constantly be vigilant of refocusing our efforts on what we’re best positioned to do, which changes over time. Freelancers who start as “just” doers and progress to strategic thought partners often get caught up in continuing to do all of the tasks instead of refining what they focus their energy on. As we progress, improving means doing less better, not doing more. This trap is particularly hard for solopreneurs to avoid because we’ve built single-person businesses and relied on our talents exclusively for so long. Doing less better doesn’t have to mean hiring a big team. Here are a few ways you can refine what you do so that you continue to grow:
As freelancers, our skills are personal assets, our ideas are individual property, and our products of labor become avenues for personal and financial growth. Working independently requires us to take ownership of our skill sets and expertise to succeed as a business, evolve ourselves as individuals, and build meaningful work that lasts a lifetime. via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/23/boss-mindset-wisdom/
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This article is posted with permission from our partner TaxAct. File your freelance taxes with confidence using TaxAct’s easy-to-use tax software. Freelancers Union members get 25% off the cost of federal and state tax filing: https://bit.ly/freelancers_taxact_blog If you’re even a moderately successful freelancer, you likely know must file a tax return and pay taxes on your income. But which tax forms do you need to file your self-employment taxes? At a glance:
Here are five Internal Revenue Service (IRS) self-employed tax forms and information that might be relevant to your tax situation. 1. Form 1040, U.S. Individual Tax ReturnMost U.S. tax filers use Form 1040 even when they’re not self-employed. This form is comprised of different sections where you can report your income and claim tax deductions. Whether or not you owe taxes, you might qualify for certain tax credits. Certain types of income or deductions may require you to attach additional schedules. For instance, if you choose to itemize your deductions instead of taking the standard deduction, you’ll need to include Schedule A with your Form 1040. As a freelancer in particular, you might need to attach other specific schedules to your Form 1040. 2. Schedule C to Form 1040, Profit or Loss From Business (Sole Proprietorship)Speaking of schedules, one you’ll probably need to become familiar with as a self-employed taxpayer is Schedule C. If you are a sole proprietor, this is an essential form for you. Since sole proprietors take all business profits as personal income, you use Schedule C to report all income and expenses from your business to determine your profit or loss. Schedule C consists of two sections:
Although you don’t have to fill out a separate IRS tax form for business use of your car, it makes sense to understand what you can claim for Schedule C. You can only deduct all expenses for operating your car if you use it exclusively for your business. If you drive for both business and personal use, you must keep careful records of how many miles you drive for each. You can use the standard mileage rate or the actual expenses method to calculate your business mileage deduction. 3. Form 1099-NEC, Nonemployee CompensationAfter the end of the year, each of your clients should give you a Form 1099-NEC, Nonemployee Compensation, for the total they paid you that year if it exceeded the baseline amount that the IRS specifies ($600 in 2023). Compare every Form 1099-NEC you receive to your records to make sure the amounts are consistent. Your clients file Form 1099-NEC with the IRS, so you don’t want there to be a notable discrepancy if the client claims they paid you more than they did. 4. Form 8829, Expenses for Business Use of Your HomeYou might be able to claim certain expenses for business use of your home by taking the home office tax deduction. In order to do so, your home office must meet the following criteria:
If you determine part of your home is regularly used as your principal place of business, you can calculate the actual expenses of your home office using Form 8829. Deductible expenses might include mortgage interest, insurance, utilities, and repairs. You won’t be able to deduct the full cost of these expenses, but you can deduct the percentage of your home that is dedicated to your home office. For instance, if you use 15% of your home exclusively for business, you will be able to deduct 15% of your home expenses as part of this business deduction. However, if crunching those exact percentages sounds like a hassle, a quicker way to calculate your expenses is to use the simplified method, where you simply deduct a flat rate per square foot. The qualification requirements are the same, but the process of figuring out the deduction and your recordkeeping obligations may be more straightforward. Fortunately, TaxAct® makes it easy by doing those calculations for you — all you have to do is answer a few interview questions. 5. Schedule SE (Form 1040), Self-Employment TaxIn most cases, self-employed people who earned at least $400 in net self-employment income (in 2023) have to pay self-employment tax (SE tax). You can do this by filing Schedule SE with your Form 1040. The SE tax is 15.3% of your net income, and it covers your Social Security and Medicare taxes. Thankfully, you can claim 50% of self-employment taxes owed as a tax deduction. Schedule SE will help you figure out this deduction and direct you to enter it on your Form 1040. The bottom lineAlways check that you’ve got the correct versions of all IRS tax forms for the year and follow all directions carefully. The forms might change, so you don’t want to use a piece of outdated information. Using a tax software program, like TaxAct, helps ensure you’re using the correct documents for the current tax year. Simply answer a few questions about your specific tax situation and our program generates the appropriate tax forms for you. This article is for informational purposes only and not legal or financial advice.All TaxAct offers, products and services are subject to applicable terms and conditions.via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/18/5-self-employed-irs-tax-forms-for-2023/
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This post is provided by our partner MacPaw, a software development company that creates maintenance, security, and app distribution solutions for macOS and iOS. Learn more and get an exclusive Freelancers Union-member discount on MacPaw products here. There are too many suspicions that our smartphones are secretly listening to us. The most skeptical among us will scoff “Duh!” but we don’t like to indulge in conspiracy theories. While there is technology on our iPhones that might record or process what we’re saying, our phones are not specifically designed to eavesdrop on us. But is it possible at all? Experts at Moonlock, a cybersecurity division of MacPaw, say, yes! They also have some practical advice on how to spot a spying app and stop it from listening to you on your iPhone. Assistants are listening to youFirst of all, almost all modern smartphones come with built-in virtual assistants. Depending on the model and operational system of the phone, these assistants can listen for an activation phrase that sort of wakes them up. “Hello, Siri” prompts the assistant on your iPhone, so it starts listening to your voice commands to execute them, be it sending a message or setting a reminder. There are rumors that Siri sends Apple everything it hears users say, but it’s not entirely true. In 2019, after a privacy scandal around Siri, Apple stopped the evaluation of user voice recordings by humans. It means that all voice commands are executed by Siri locally on the device, and they are only processed after the trigger phrase “Hey, Siri.” However, Moonlock experts say there’s something to keep in mind. When Siri is triggered, there’s still a possibility that it records and sends user audio to Apple servers. In order to act upon your voice command, Siri can send the audio to Apple for correct interpretation and then perform the action on your iPhone. If you feel that this makes you uncomfortable, you can always disable Siri in your iPhone settings. Here are 4 steps to do it:
Can applications listen to us, too?Yes, if you grant them permission to use the microphone. Instagram, Skype, TikTok, or other apps with the functionality to record videos or to call usually ask for such access. But they don’t actively listen to you, contrary to popular belief. The root of this belief is in multiple reports of users about social media apps misusing access to microphones for ad targeting. You know, when you never googled the thing but rather talked with friends about it, and now it’s plastered all over your Instagram feed. In 2019, Facebook denied these claims, stressing that their apps don’t use microphones unless you are performing an action that requires audio input. Still, you might feel the urge to disable the mic whatsoever to avoid any eavesdropping shenanigans. Unfortunately, there’s no button on iPhones for that. But you can go through the list of applications that use your microphone and disable this option for them at once.
This is how you know someone’s actually listeningWith myths busted and basic instructions given, Moonlock experts recommend to stay alert. In the world of malware and phone jailbreaking, there are multiple ways for cybercriminals to listen to your conversations without consent. Keep an eye out for the following red flags – they might help you detect a bug before any damage is done to your personal information. First, the orange indicator. A new way that Apple warns iPhone users that their mic is being used. Look for it at the very top of your display. There also might be a similar green dot – it indicates that your camera is on at the moment. It’s okay to see both of them when you are actually using the microphone and the camera. But when you are not, and the dots are beaming – this is when you should start investigating.
Finally, strange audio files appear. Before cybercriminals send the audio, the recording must be saved on your iPhone first. So, if you don’t remember recording anything but find a file with a random name, it is better to get to the bottom of this. via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/17/simple-ways-to-stop-your-iphone-from-eavesdropping/
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This post is provided by our partner, MetroPlusHealth. Find affordable health plans for New Yorkers of all ages from MetroPlusHealth. What is back and neck pain?Back pain can range from a mild, dull, annoying ache to persistent, severe, disabling pain. Pain in your back can limit your ability to move. It can interfere with normal functioning and quality of life. Always talk with your healthcare provider if you have persistent pain. Neck pain occurs in the area of the cervical vertebrae in your neck. Because of its location and range of motion, your neck is often left unprotected and at risk for injury. Pain in your back or neck area can come on suddenly and intensely. Chronic pain lasts for weeks, months, or even years. The pain can be constant or come and go. What causes back and neck pain?Even with today's technology, the exact cause of back and neck pain is hard to find. In most cases, back and neck pain may have many different causes. They include:
What are the symptoms of back and neck pain?Symptoms linked to back pain may include:
Loss of bladder and bowel control with weakness in both legs are symptoms of a serious condition that needs medical attention right away. Symptoms linked to neck pain can be:
Pain that occurs suddenly in your back or neck from an injury is acute pain. Acute pain comes on quickly and may leave sooner than chronic back or neck pain. This type of pain should not last more than 6 weeks. Pain that may come on quickly or slowly and lingers for 3 months or more is chronic pain. Chronic pain is less common than acute pain. How are back and neck pain diagnosed?Your healthcare provider will ask about your health history and do a physical exam. They may also do X-rays of the affected areas, as well as an MRI. This allows a more complete view. The MRI also makes pictures of soft tissues such as ligaments, tendons, and blood vessels. The MRI can help spot infection, tumor, inflammation, or pressure on your nerve. Sometimes a blood test may help diagnose arthritis, a condition that can cause back and neck pain. How are back and neck pain treated?In many cases, acute back or neck pain may simply improve with some rest. Over-the-counter medicines, such as acetaminophen or ibuprofen, may also help with the discomfort. Try to move gently during this period, so that you won't become stiff and lose mobility. If you have chronic pain of your back and neck, try several remedies before considering surgery. These include:
How are back and neck pain managed?Acute back pain usually gets better without special treatment. Using acetaminophen or ibuprofen as directed will decrease pain and help you rest. Surgery and special exercises are generally not used with acute pain. For severe, disabling, or chronic back and neck pain, rehabilitation programs can be designed to meet your needs. The type of program will depend on the cause and the type and severity of your pain, injury, or disease. Your active involvement is key to the success of rehab programs. The goal of back and neck rehab is to help you manage disabling pain. It's also important to return you to your highest level of functioning and independence and improve your quality of life. The focus of rehab is on easing pain, improving movement. It also focuses on limiting any additional damage and increasing your functional ability. To help reach these goals, back and neck rehab programs may include:
What are possible complications of neck and back pain?Complications of back and neck pain may include:
It is a good idea to see a healthcare provider if you have numbness or tingling, or if your pain is severe and does not get better with medicine and rest. If you have trouble urinating, weakness, pain, or numbness in your legs, fever, or unintentional weight loss, call your healthcare provider right away. Can I prevent neck and back pain?The following may help to prevent back and neck pain:
When should I call my healthcare provider?See your healthcare provider if you have:
Key points about back and neck pain
Next stepsTips to help you get the most from a visit to your healthcare provider:
via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/16/back-and-neck-pain/
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This article is posted with permission from our partner TaxAct. File your freelance taxes with confidence using TaxAct’s easy-to-use tax software. Freelancers Union members get 25% off the cost of federal and state tax filing: https://freelancersunion.org/tax-center/ Get ready to mark these important dates on your calendar. Here are the most important tax deadlines and due dates for taxpayers to be aware of in 2024 (and answers to some common tax questions). When are taxes due?In 2024, Tax Day falls on April 15. This is the deadline for filing your taxes as a calendar year filer. The April 15 deadline applies to traditional employees who receive a W-2, self-employed sole proprietors (including freelancers, independent contractors, or gig workers), retirees, multi-member LLCs, and corporate returns. What is the deadline for filing taxes as a business?There are two exceptions to the April 15 tax deadline — the due date for partnerships and S corporations to file their business return is March 15, 2024. Why is Tax Day 2024 on April 15?Typically, the tax due date is April 15 unless that day falls on a weekend or a holiday. In that case, Tax Day is usually pushed back to the next business day. What time are taxes due on the 15th?You must file your taxes by 11:59 p.m. on April 15, 2024. This is the last day to file and pay without penalty unless you request a tax extension. Once the clock strikes midnight, you risk potential late fees and late filing penalties. If you need more time to file, you must request an extension (more on that below). Do you have to have your taxes done by April 15?If you can’t file your income tax return by April 15 this year, you can give yourself more time by requesting an automatic tax extension. You can do this when e-filing with TaxAct® by filing IRS Form 4868 before the tax deadline (April 15, 2024). We’ll walk you through the process, help you claim relevant tax deductions and tax credits, and assist you in filing any state extension forms as well, if necessary. Make sure you file for an extension before the tax deadline. If you don’t file for an extension before the Tax Day due date, you risk being charged late fees and penalties. Once you’ve filed for an extension, you will have until Oct. 15, 2024, to complete and file your 2023 federal tax return. Like Tax Day, the extension deadline is typically Oct. 15, unless the 15th falls on a weekend or holiday. One important note — filing an automatic tax extension only gives you more time to file. It will not give you more time to pay any taxes due. When you request an extension with Form 4868, you’ll be able to estimate and pay any taxes due for 2023. If you’re expecting a tax refund and don’t anticipate owing any taxes, you should be in the clear. If you need more time to file your business tax return, you can also request a business tax extension. Partnerships, multi-member LLCs, and corporations can file an extension using Form 7004. Sole proprietors and single-member LLCs will use Form 4868. You can request an extension using either of these tax forms when e-filing with TaxAct using our tax preparation software. Since businesses have an earlier tax filing due date (March 15), the IRS also gives them an earlier extension due date. The tax deadline for filing an extended business tax return for 2023 is Sept. 16, 2024. What is the tax deadline for the first quarter of 2024?April 15 is also the due date for first quarter estimated tax payments. This due date applies to those with little or no income tax withheld from their wages, such as freelancers, small business owners, and investors. The due dates for this year are as follows:
What is the September 15 tax deadline?Sept. 15 is the typical tax filing deadline for Q3 estimated tax payments. It is also the typical tax due date for partnerships and S-corporations that requested a business return extension. However, the deadline for both in 2024 is Sept. 16, as the 15th falls on a Sunday. What are the tax deadlines for 2024?Depending on your tax situation and what kind of filer you are, there are different tax dates to be aware of. Below are the important tax dates and deadlines for individual filers, including those who are retired, an employee, or self-employed. Tip: Before filing, estimate your potential income taxes using our tax calculator.
When are business taxes due?While many deadlines below are similar to individual due dates, small business owners have some unique tax due dates to keep in mind. The list below doesn’t cover every tax deadline, but we’ve included some of the most important ones to remember.
If you’d like a complete picture of all the 2024 tax calendar due dates, head to IRS Publication 509. This article is for informational purposes only and not legal or financial advice.All TaxAct offers, products and services are subject to applicable terms and conditions.via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/10/important-tax-dates-and-deadlines-in-2024/
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As a teenager, I had it all planned out – I’d be a freelancer. I’d make a lot of money. And I’d be a digital nomad for life. I have been freelancing since I was 19. At times I made a lot of money. But I’ve never become a digital nomad. I made different choices, and I don’t regret that. Yet, I still have the travel bug, and as a freelancer I have great freedom. That’s why, from time to time, I like to play the digital nomad game for a couple of weeks. How? With a workation, of course! What’s a workation, exactly?A workation is a mix of work and vacation. Since you can work anywhere, why wouldn’t you do it on a cruise ship, or in that foreign capital you’ve been wanting to explore for years? With a workation you can do all of that while still working part-time. Don’t get me wrong – I am not advocating for workations instead of vacations. I love to take a proper vacation, and you should totally do that at least once or twice per year. But if you are like me, you can’t take five 2-week vacations per year. That’s where workations come in handy. How a workation helped me restart my freelance businessMy first ever workation was in spring 2022. I took off to Lisbon and stayed there for 2 weeks. It ticked all my boxes – Portugal has a low cost of living, Lisbon is a fantastic city, and it wasn’t far from Italy, where I live. Most importantly, though, I took it while I was struggling with burnout and had no motivation to keep working on my freelance business. It turned out to be a reinvigorating experience that reminded me of all the great things about freelancing that I had come to take for granted over the years. I can safely say it was instrumental for me to finally manage to get back on track – two months later, I started to slowly phase back to work. Define your priorities…Are you looking to primarily relax, with work taking a backseat? Or is your goal to maintain a regular work schedule while enjoying a change of scenery? If your priority is relaxation, be prepared to allocate a larger budget for activities and accommodations where you can truly unwind, if that’s something that you value. If your aim is to keep up with work while enjoying a new environment, instead, your planning should lean towards a balance. You might explore local sights and experiences, but the primary focus remains on work. In either scenario, being clear about what you want from your workation helps in making the right choices, ensuring that your time is both productive and enjoyable, whether it’s tilted towards more work or more play. … and set your budget accordinglySetting a budget is a crucial step in planning a workation. Begin by outlining your major expenses: accommodation, travel fares, food and leisure activities. (factor in occasional splurges like a fancy dinner or a local tour – it’s still part vacation, after all!) This exercise will help you make informed choices, ensuring you enjoy your workation without financial stress. By planning your budget in advance, you can find the perfect balance between work, exploration, and relaxation. Choose a destinationThe world is your playground… but keep in mind you’ll still be working, at least a few hours per day. If you are travelling to another country, you have to plan your working hours based on the time difference. An example? 9 AM in Boston is 11PM in Seul. If you mainly work with clients in the Boston area and you want to spend 2 weeks in Korea, you would have to wake up at 6AM to be able to answer emails at 4PM, client time. That’s a time difference nightmare for you to handle. If you spend those 2 weeks in Paris instead, you’ll be free to explore the city in the mornings and still be there for your clients’ start of business time – 9AM in Boston is 3PM in Paris. You will also need a reliable Internet connection. In big cities and popular tourism destinations, that’s not hard to come by. However, if you plan to explore more remote areas, you will need some preparation. Where to stayWhile I love hotels, and they are usually my first choice when I travel, I don’t usually recommend them for a workation. Opting for a short term rental can be a much better choice, mainly for two reasons: you can cook your own meals, which helps to keep costs down and to stay in shape; and they often have something better than a chair and a small desk to create a basic workstation. If you want to take your workation to a brand new level, though, my top tip is to work from a coworking space. There is simply no better way to meet locals and work in a comfortable setting, and you can choose one that’s close enough to wherever you are staying. With digital nomadism getting more and more popular, there are plenty of guides to find coworking spaces in most touristic destinations in the world. Plan each day beforehandRemember that you're juggling work and leisure, so striking the right balance is crucial. Start by setting realistic goals for each day. Are there specific hours you need to be online, or tasks that require deep focus? Work around those to plan when you need to be at your desk. Next, integrate your leisure activities. If you're an early riser, perhaps a morning walk or exploring local cafes can kickstart your day. If you prefer evenings, save local attractions or dining experiences for then. By allocating time for both work and fun, you're less likely to feel overwhelmed or guilty for not meeting work obligations. Remember, flexibility is key. Sometimes, work demands may shift or you might discover a must-see spot. Being adaptable while keeping a basic structure will help you enjoy your workation to the fullest, without compromising on your professional responsibilities. My advice for first timersIs this your first time planning a workation? Keep things simple.
via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/09/how-and-why-to-plan-a-workation-as-a-freelancer/ Do You Owe Pandemic-Era Freelance Taxes? IRS 2020 and 2021 Penalty Relief May Reduce Your Tax Burden1/8/2024
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If you owe freelance back taxes from tax years 2020 or 2021, the Internal Revenue Service (IRS)has good news: it recently announced new tax penalty relief for individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The relief is significant, totaling nearly $1.0 billion. The IRS tax relief applies to freelance taxes for 2020 and 2021 and due to the unprecedented effects of the COVID-19 pandemic. During this time, the IRS temporarily suspended the mailing of automated reminders to pay overdue tax bills. This process began in February 2022 as the automated IRS reminders would have normally been issued as a follow-up after the initial notice. Although these reminder notices were suspended, the failure-to-pay penalty was not waived for taxpayers who did not fully pay their bills in response to the initial balance due notice. Additional letters and notices are expected to go out in the coming weeks to advise those taxpayers of the penalty relief. The IRS is also taking steps to waive the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021. The IRS estimates five million tax returns are eligible for penalty relief. If you are affected, as normal processes resume, you may receive a special IRS reminder letter that is being sent starting in January 2024. The letter will inform you of any liability, ways to pay it, and the amount of penalty relief, if applied. IRS Actions and Timelines for Freelance Penalty Abatement As a first step of the pandemic-era tax relief, the IRS has adjusted eligible individual accounts and will follow with adjustments to business accounts now through early January 2024. According to the IRS nearly 70 percent of the individual taxpayers receiving penalty relief have income under $100,000 per year. The IRS is releasing Notice 2024-7 PDF, which explains how the agency is providing failure-to-pay penalty relief to eligible taxpayers affected by the COVID-19 pandemic to help them meet their federal tax obligations. Important Information for Freelance Taxpayers: Penalty Relief is Automatic If you believe your freelance tax situation may be affected by this news, beware that the penalty relief is automatic. Eligible taxpayers don't need to take any action to get it. If you already paid your full freelance tax balance, you will benefit from the relief, too, the IRS will issue a refund or credit the payment toward another outstanding tax liability. Are There Exclusions for the IRS Penalty Relief for Tax Years 2020 and 2021? The penalty relief only applies to eligible taxpayers with assessed tax under $100,000. Eligible taxpayers include individuals, businesses, trusts, estates and tax-exempt organizations that filed certain Forms 1040, 1120, 1041 and 990-T income tax returns for tax years 2020 or 2021, with an assessed tax of less than $100,000, and that were in the IRS collection notice process, or who were issued an initial balance due notice between Feb. 5, 2022, and Dec. 7, 2023. The $100,000 limit applies separately to each return and each entity. The failure-to-pay penalty will resume on April 1, 2024, for taxpayers eligible for relief. If the automatic relief results in a refund or credit, individual and business taxpayers will be able to see it by viewing their tax transcript. The IRS will send the first round of refunds starting in late December 2023 through January 2024. If you do not receive a refund, and think that you should, watch for a special reminder notice which may be sent with an updated balance beginning in early 2024. Resumption of tax collection notices begins in 2024 The IRS’s pause in collection mailings affected only follow-up reminder mailings. The IRS did not suspend the mailing of the first, or initial, balance due notices for taxpayers. The pause meant that if you have a long-standing freelance tax debt and you have not received a formal letter or notice from the IRS in more than a year this may be because some of this older collection work has been paused. If you do receive a tax notice that shows you have a balance or are being assessed a penalty that you were not expecting, be sure to reach out to a tax professional who can accurately answer questions regarding penalty relief on 2020 or 2021 freelance tax returns. via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/08/do-you-owe-pandemic-era-freelance-taxes-irs-2020-and-2021-penalty-relief-may-reduce-your-tax-burden/
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This post is provided by our partner, MetroPlusHealth. Find affordable health plans for New Yorkers of all ages from MetroPlusHealth. Not being physically active is a risk factor for health problems. If you aren't physically active, you are at higher risk for:
Facts about inactive lifestylesMany deaths occur each year due to a lack of regular physical activity. Here are some facts:
Getting active to prevent health problemsBeing physically active has been shown to have many benefits. For example:
You can help prevent health problems caused by not being physically active. The CDC suggests that you:
The CDC suggests that adults with chronic conditions or disabilities do both of the activities below if they are able:
If you aren't active or you have chronic health problems, ask your healthcare provider how to safely increase the amount of your daily activity. Even a small daily increase can have health benefits. via Freelancers Union Blog https://blog.freelancersunion.org/2024/01/03/health-risks-of-not-being-physically-active/ |
AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
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