https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_PaidFamilyLeaveLaw_Blog.png
Last year, Congress passed a new law called the Families First Coronavirus Response Act (FFCRA) that among other emergency protections created new tax credits for freelancers and other self-employed people to compensate for lost income when you cannot work for certain coronavirus-related reasons. These credits were initially extended in December to cover leaves through the end of March 2021. Recently, as part of the American Rescue Plan, Congress extended and expanded these credits through September 30, 2021. Here’s what freelancers need to know about how to access these credits. What do the tax credits cover?As a freelancer, you can receive tax credits for up to 14 weeks (70 days) total of paid sick leave and paid family leave if between April 1 and September 30, 2021, you can’t work for one or more of the following reasons related to the coronavirus: · You are subject to a quarantine or isolation order. This includes a shelter-in-place order or other order to stay at home, or an order for people in a certain category (like those of particular ages or with particular medical conditions) to stay home. · Your doctor or health care provider tells you to self-quarantine because they believe you have or may have coronavirus or that you are particularly vulnerable to the virus. · You have coronavirus symptoms and are seeking a medical diagnosis. · You are seeking or waiting for results of a coronavirus test or diagnosis due to exposure or are unable to work pending the results of such test or diagnosis (even if you are not symptomatic). · You are obtaining or recovering from a coronavirus vaccination. · You need to care for a loved one who is subject a quarantine or isolation order or whose health care provider has told that person to self-quarantine. · You have lost childcare due to coronavirus and need to care for your children, such as because their school or daycare is closed or the person who normally cares for them can’t do so. You can receive credits for up to 10 days of paid sick leave and up to 60 days of paid family leave; these credits cover the same needs, but are calculated differently. If you qualify, you can take both credits, up to a maximum of 70 combined days, but cannot take both credits for the same day. Note that these credits only cover days you could not work between April 1 and September 30, 2021; other tax credits may cover COVID-19 related needs before April 1, 2021, but are subject to different rules. What documentation do I need?Although the IRS hasn’t yet specified exactly what documentation freelancers will need to provide, you should keep careful records about any leave you plan to claim credits for. Those records should include things like the dates and reasons for which you took leave and any supporting documentation you have. You should also write up and hold onto a statement that, for those days, you cannot perform services in your trade or business for the qualifying reason. Depending on the reason you can’t work, you may also need to hold on to other records. For example, you should keep records of the agency issuing the order to quarantine or stay at home, the health care provider recommending you self-quarantine, or the name and relationship to you of the person you are caring for. If you need leave for childcare reasons, you’ll want to hold onto additional documentation, such as the children’s names and ages and the name of their school or child care provider. You also want to write up and hold onto a statement that no one else will be caring for the children during the time for which you are claiming the credit. If you need to care for a child older than 14 during the day, you should also write up and hold onto a statement of any special circumstances requiring you to provide care. How much will my credit be for?The amount of your credit is based on your average daily self-employment income. To calculate this amount, take your self-employment income for the taxable year and divide by 260 (the number of non-weekend days in a year). You’ll use this number to figure out how much you are owed, based on the number of days you were unable to work. If you wish to, you can choose to use your self-employment income for the prior taxable year to calculate this number. For sick leave, you can receive the credit for up to 10 days total, but the amount of the credit you can receive per day depends on the reason you can’t work. For covered reasons related to your own health, the credit is for 100% of your average daily self-employment income up to $511/day ($5,111 total). For covered reasons related to caring for someone else, the credit is for 67% (about 2/3) of your average daily self-employment income, up to $200/day ($2,000 total). For family leave, regardless of the reason for which you took leave, you can receive the credit for up to 60 days at 67% of your average daily self-employment income, up to $200/day ($10,000 total). These credits count against the amount you owe in federal income tax for the 2021 tax year. These credits are refundable, meaning that if your credit is larger than the amount of money you owe in self-employment taxes, the excess amount will be refunded to you. They are also advanceable, meaning that you can claim them ahead of when you would normally file and pay your taxes to get your money back early, through a process the IRS will specify. For more information, you can read A Better Balance’s fact sheet here, contact our free and confidential legal hotline, or consult your tax advisor. Please note that this fact sheet does not represent an exhaustive overview of the law described, and it does not constitute legal advice Molly Weston Williamson is director of Paid Leave and Future of Work and Senior Staff Attorney at A Better Balance. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/31/the-freelancers-guide-to-paid-leave-2021/
0 Comments
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_Dispatches_Portable_Index.png
I’m a food, sex, and mental health writer. I cover how inequality affects our ability to meet our emotional, physical, and cultural needs, and I offer readers practical advice on thriving in an unjust world. Yet in 2019, I found myself sorely in need of my own byline’s wisdom: nursing a broken heart while frantically trying to pitch my way to a new apartment. The experience illuminated the instability of freelancing as a field — many of us are just one dropped client or project away from housing insecurity. But it also revealed that this instability affects us differently based on our identities. Female and transgender freelancers, especially women and trans folks of color, make less money than our male colleagues. Due to racist discrimination, freelancers of color of all genders receive fewer opportunities for advancement than their white peers. Those of us at the intersections of multiple oppressions are particularly vulnerable to gender-based violence. Experiencing sexual and intimate partner violence makes us more likely to experience homelessness, mental illness, and unemployment. At the same time, financial instability makes us more vulnerable to victimization. As freelancers, we may also be more likely to rely on partners for health insurance or material support during dry spells, making it harder to leave a harmful relationship. That’s part of why universal healthcare and housing are so important. When I began my own journey as an independent journalist, I realized that the connection between freelancing and intimate relationships could be more positive. I got my sea legs as a freelancer the same time that I was learning to date in a healthier way. The skills I needed for each were uncannily similar. I learned to ask for what I need, to value myself, and to set boundaries. When I started declining gigs that didn’t match my goals, I found myself better able to say no to dates who didn’t respect me. When I started clearly asking for what I wanted in relationships, I found it easier to set work rates that honored my time. As it turns out, both freelancing and dating are an act of placing a bet on ourselves— a vote of confidence that we’ve got our own backs, and that the world is abundant enough for us all to thrive in. I want to share some of those core skills, as well as how they can help us become more confident in our work and intimate relationships. Name—and fight—systemic barriersBoth our labor and love lives are fundamentally shaped by economic exploitation, racism, sexism, ableism, and queer- and transphobia. Yet those very same systems teach us to internalize the discrimination we experience and blame ourselves rather than injustice. When we name inequality, we take the first step toward reclaiming our power. And we open the door to organizing together to eliminate the barriers to our collective thriving. Practice unconditional positive self-regardMost of us, especially if we’re marginalized in some way, have a negative internal voice that tells us we are not good enough. This voice is the source of imposter syndrome. It tells us that we can only love and respect ourselves when we live up to external expectations. But we’re always worthy of love. In humanistic psychology, unconditional positive self-regard means approaching ourselves with gentle acceptance, no matter what. When we treat ourselves with a baseline of compassion, we’re able to acknowledge areas where we’d like to grow. For this reason, research has shown that people who practice unconditional positive self regard are more resilient after trauma. We can start by framing ups and downs as learning experiences in a process-oriented way — “Wow, that date was a great lesson in paying attention to red flags” — rather than as judgements of our intrinsic worth. When we treat ourselves with kindness, we’re much less likely to accept treatment that devalues us — and we’re much more likely to treat others with dignity. Build better boundariesA therapist I once interviewed for an article said, “Boundaries are for you, not for other people.” I found the quote striking. We can’t control how other people treat us; we can simply decide how we want to be treated, and choose to extricate ourselves from, or work to change, situations and dynamics that devalue us. If we’ve been really disconnected from our inner voice due to experiences of material or emotional scarcity, we may not know our own boundaries until they are crossed. That’s okay. It takes time, experimentation, and generosity to learn what actually feels good for us. Practicing better boundaries doesn’t have to mean literally leaving a situation; when we’re in a financial crunch, for example, we can’t always leave jobs with poor working conditions. But we can set boundaries around how much of our time, energy, and emotional self we devote to a situation or to a person, and we can collaborate with others to change exploitative conditions. When we honor our own boundaries, we show others that we expect them to respect us, too. Nurture an abundance mindsetWhen I first heard people I admire talk about an abundance mindset, I was skeptical. I’d previously heard the concept discussed in law-of-attraction terms, without any attention to systemic injustice. When I relearned the concept through the work of abolitionist feminists of color, it clicked into place. In a world in which we produce more than enough food and shelter for everyone, scarcity is a product of inequality. When we experience physical and spiritual deprivation, we internalize the idea that we are in a competition for scarce resources, and should settle for what’s given to us even if it doesn’t foster our wellbeing. That settling can be in the form of relationships: “He has a bad temper sometimes, and he calls me names, but at least he doesn’t hit me.” Or it can happen in our work lives, when we accept underpaid projects from a place of fear, or compete to undermine other workers rather than unionizing. Nurturing an abundance mindset means recognizing the reality of inequality and the need for structural change by refusing to accept that we are only worth the crumbs we are given. And it means joining with others to pool our strengths and resources through mutual aid and organizing. Ask for what you needEspecially for women and marginalized people, asking for what we need — whether that’s more money or for our partner to do domestic labor — can be terrifying. We may internally police our own needs to avoid disappointment or retaliation. But it’s okay to want more. And in fact, we’re not going to get what we need if we don’t demand it. Give yourself permission to center your own needs —and then ask for what it takes to meet them. Always Cultivate HopeIt’s not always possible to say no to an underpaid job, especially during this period of heightened precarity. It’s also not always immediately possible to leave a romantic situation that is harming us. That’s okay. When we practice unconditional positive self-regard, we stop shaming ourselves when we find ourselves in situations that aren’t consistent with our values. Instead, we can understand the factors that brought us there with compassion, and focus on the things we can do to demonstrate better care and respect for ourselves, here and now. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/30/how-freelancing-can-improve-your-dating-life-and-vice-versa/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_Routine_Index.png
One of the main reasons I decided to work for myself was because I was sick of people telling me how much to work, when to work, and where to work. I sat at a desk for eight hours a day, even though it almost never took me that long to complete my work. I was compared to people who weren’t as efficient as me and told that I needed to be there from 8-4 because everyone else was, even if it didn’t take me that long to do my job. I was constantly bitter about these constraints on my life but, at the time, didn’t know that there was a viable alternative. So, about five years ago I quit what, on paper, was the best job I had ever had. I started doing contract work as a stop-gap as I tried to figure out what my next thing was. Here’s what happened. I was able to charge a LOT more as a contractor. I had built a reputation for quality before I went out on my own. Since most of my clients were former employers (or people they had referred me to), they knew that I could get things done and had no problem paying me a higher rate to do that if they didn’t have the overhead and responsibility of an actual employee. (I also got some great coaching on pricing myself competitively as a contractor, which many people have trouble with when they’re first starting out.) I was doing work I actually liked. I took on projects that played to my strengths and challenged my thinking. I decided when and where I worked, which also made less desirable tasks more enjoyable. I accomplished MORE in LESS time. I wasn’t padding my time to “get in my 8 hours” each day. When I worked in an office, I’d gossip with my colleagues, check my personal email, shop online, etc., just to make it to the end of my day. Let me be clear, I was more than accomplishing everything I needed to get done, I was just filling in the gaps with other things. When I worked for myself, there were no gaps to fill, so I was able to truly focus on the work I needed to do and do my life the rest of the time. At first, I felt guilty about the free time, especially because I was making more money than I ever had before. (We’re not talking about a crazy amount of money here; the bar was pretty low to start with.) My brain, indoctrinated with the American work a lot -> make money -> be successful narrative, couldn’t adjust to the fact that I was making great money working less than I ever had before. And doing work I actually loved. What happened a bit by accident in the beginning had to become more intentional as my business progressed and my life circumstances changed. Here’s what I learned. I had to prioritize quality over quantity.I’m super picky about the types of projects I take on, the people I work with, and the way I commit my time. I make concessions about the amount of money I take in every month in order to prioritize my quality of life. “It is how we choose what we do, and how we approach it, that will determine whether the sum of our days adds up to a formless blur, or to something resembling a work of art.” When my daughter was born three years ago, that formula became even more important. I needed more money AND I needed to have devoted, uninterrupted time in order to give her the life she deserves. This has been a bit of trial and error. I’ve made the mistake of taking on projects that aren’t a great fit in exchange for a period of financial certainty. What I learned was, while I need to maintain a base level of financial sustainability for my family, making concessions around the work I take on to achieve anything above that base level actually diminishes my ability to be a good parent and partner. This is both because I have less available time AND because I am not my best self when I’m working 40+ hours a week, doing work I hate, or working with crappy people. In the words of Paul Graham, I had to “relentlessly prune the bullshit” from my life to focus on the things that matter. A lot of solopreneurs get sucked in to never saying no to work and I get that. Not knowing where your paycheck will come from next month or next year is scary. That’s one of the reasons why working for yourself isn’t for everyone. Saying no to work is a calculated risk, a bet I’m making in order to live my best life. Playing by my own rules made all the difference.When I was the one deciding the work I did, when I did it, where I did it, and how I did it, even the most menial tasks were more enjoyable. I had a sense of personal agency that I’d never had before. I was also able to really push myself to do things I always knew I was capable of (and beyond) because I was not constrained by a hierarchy, job title, or reporting structure. When I was working for someone else, even the projects I really liked felt stifling because they weren’t truly mine. “What we choose to focus on and what we choose to ignore—plays in defining the quality of our life.” A little over a year ago, I started creating my own content in the form of blogs, courses, and resources for other solopreneurs. This took the personal agency to a whole new level. I found that when I’m creating something that is truly mine, not for a client, I am even more fulfilled. So now I balance my client work with my own content creation. Prosperity is a mindset, not a dollar amount.One of the reasons I decided to work for myself was because I wasn’t content with the traditional pay structure I was trapped in. I didn’t want to spend 20 years getting incremental raises and mediocre promotions. I wanted to pay myself what I wanted and needed every month. That meant I needed to earn what I needed in order to make those payments. What that taught me is that prosperity wasn’t something I could define for myself when I was struggling financially all the time and letting other people define my worth. When you’re struggling, all you can see is the struggle. I had to meet my basic financial needs in order to have the space and freedom to think outside of the box about what I wanted my time, work, and life to look like. When you’re 100% in charge of the money that facilitates your life, you start to think about it in different ways. Do I make more money working for myself than I did working for someone else? Yes…a lot more. And that money helped me see past the struggle. Once that happened, I understood that prosperity is a feeling not a dollar amount. My “non-work” time is just as valuable as the time I spend working and, every time I write a proposal or take on a new client, I’m quantifying how much that time is worth – I’m “buying” my rest, stealing it back. “Rest is not something that the world gives us. It’s never been a gift. It’s never been something you do when you’ve finished everything else. If you want rest, you have to take it. You have to resist the lure of busyness, make time for rest, take it seriously, and protect it from a world that is intent on stealing it.” I found myself wanting to conclude by proving that I still “work hard” even though I work less, but I’m not going to justify my life in those terms, because that would mean I still feel guilty about not working 40 hours a week…and I don’t. I’m not going to get caught in the narrative of overworking that is so common – the spoken and unspoken guilt trips that we all get for not working “enough” or the secret pride we feel when we say that we’re “busy.” I do work hard, but I define hard work not in terms of hours, but in terms of the value I add for my clients, the joy I derive from what I do simply because I decided to do it, and the freedom I create by working for myself. Having a six-figure business or a 30-hour week isn’t how I measure my worth. I measure my worth by fulfillment, freedom, and the knowledge that I’m teaching my daughter to define and create those things on her own terms. © Fruition Initiatives LLC 2021 via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/29/stop-measuring-your-worth-by-the-amount-of-time-you-work/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_TransitionKeepIncome_Index.png
The big news on the tax front from last week is that the individual tax deadlines for federal and some state income taxes were extended to May 17, 2021. Thirty-five states, including New York and California, have chosen to extend their deadline in keeping with the IRS decision — be sure to check with your state and local tax authorities to see if this applies where you do business. A few other tax reminders related to the extended deadline: · The corporate, trust, and first-quarter estimated tax deadlines have not changed. These are still due April 15. · There is not any specific guidance on whether the May 17 deadline also applies to contributions for 2020 traditional IRAs, Roth IRAs and HSAs. We will provide additional information when it is available. · If you need an extension beyond May 17 for your 2020 taxes, you can still file the regular extension form to extend your filing window to October 15. The deadline to submit this form is now May 17, not April 15. · If you file for an extension until October 15, you must file by then but you have to pay what you owe by May 17. Otherwise, interest and penalties will start to apply after that date. The IRS is advising taxpayers not to file amended returns for unemployment income, changing payment dates or the Premium Tax Credit. If you haven’t filed your return already, you have a little extra time, but it’s best to get it squared away as soon as possible—especially if you are expecting a refund. However, if you have already filed your taxes, you may be wondering if, given the new COVID-19 relief plan tax changes, you need to file an amended return. Two examples of recent significant tax implications on your return include: · Unemployment income up to $10,200 is potentially considered tax-free by the IRS under the American Rescue Plan Act. This applies to individuals with annual incomes of up to $150,000. · If your 2020 return has already been filed and you reported an excess advance Premium Tax Credit repayment. If you have already filed your taxes, and want to change your payment date to May 17, you will need to take action to change it. However, the IRS does not recommend filing an amended return. The IRS states that to cancel payment, you can do so by contacting the U.S. Treasury Financial Agent at 1-888-353-4537. Payment cancellation requests need to be made by 11:59 p.m. ET two business days before the scheduled payment date. You must then reschedule the automatic payment or mail a check to the IRS. The short answer about whether to file an amended return in the cases above is, “No.” The IRS is advising taxpayers that they can handle adjusting your return without you filing an amended return. Even if you did not claim the unemployment income as non-taxable or the Premium Tax Credit, the IRS is advising you not to file an amended return to correct these amounts. This could change, so watch for additional guidance as it becomes available. A few facts about the Premium Tax Credit—does it apply to your freelance taxes? As a reminder, the premium tax credit repayment may apply if you or someone in your family received advance payments of the premium tax credit through the Health Insurance Marketplace. To claim it, you must complete Form 8962, Premium Tax Credit. This would be based on the information in Form 1095-A, your Health Insurance Marketplace Statement, which provides you with information about your health care coverage. If you haven’t filed already, beware that filing your return without reconciling your advance payments will delay your refund. You must file an income tax return for this purpose even if you are not otherwise required to do so. If you choose not to get advance credit payments, you can claim the full amount of the premium tax credit that you are allowed when you file your tax return. This will increase your refund or lower the amount of tax you owe. When should freelancers file an amended return?Excluding the cases above, there are times when filing an amended return is necessary — especially if you have made a mistake. In general, if you made a math error on your return, the IRS may correct it when processing your original return. If you didn’t include a required form or schedule, the IRS will also send you a notice via U.S. mail about the missing item. You can file an amended return if you need to fix an error or if you forgot to claim a tax credit or deduction. You should use Form 1040X to amend a federal income tax return that you filed before. Make sure you check the box at the top of the form that shows which year you are amending. If you file an amended return for more than one year, use a separate 1040X for each tax year. Mail them in separate envelopes to the IRS. This year the IRS may let some taxpayers e-file an amended return, unless this applies to you, you’ll need to file a paper version of Form 1040X and mail it to the IRS. To claim a refund, file Form 1040X no more than three years from the date you filed your original tax return. You can also file it no more than two years from the date you paid the tax, if that date is later than the three-year rule. Here are some specific cases when the IRS indicates you may need to amend your federal tax return: · If you need to correct your filing status, the number of dependents you claimed, or your total income. You should also amend your return to claim tax deductions or tax credits that you did not claim when you filed your original return. · If your changes have to do with other tax forms or schedules, make sure you attach them to Form 1040X when you file the form. If you don’t, this will cause a delay in processing. · If you are waiting for a refund from your original tax return, don’t file your amended return until after you receive the refund. You may cash the refund check from your original return. Amended returns take up to 16 weeks to process. You will receive any additional refund you are owed. · If you’re filing an amended tax return because you owe more tax, you should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges. If you can file your taxes and pay by May 17, it’s best to start now and complete your individual taxes. While the deadline extension is automatic, filing sooner rather than later, especially if you are anticipating a refund, is the best way to expedite having that cash back in your bank account — even before the extended May 17 deadline arrives. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, http://www.cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/26/already-filed-your-freelance-taxes-heres-when-to-file-an-amended-return/
https://blog.freelancersunion.org/content/images/2021/03/FU_Freelancers_Simple_Brilliant_Solutions_Lg.png
Amidst the rising awareness to the topic of burnout, lists and spreadsheets have started getting a bad rep. No one wants more to-do lists, complex charts and timetables than they already have, and admitting that you love making spreadsheets immediately puts you in a certain unflattering light. But if you freelance for a living, some sort of self-management and structure is essential; in fact, good organizational skills can often make or break a freelance career. There are plenty of software solutions out there that offer workflow infrastructures for freelancers - Trello, Asana and ClickUp are just a few examples - but some of them aren’t free, and their interfaces can be clunky and hard to get used to. Instead, when done right, a simple, specific Google Sheets spreadsheet you routinely tend to can help with time management, budgeting, and even growing your business. One Google Sheets document (let’s call it Work Stuff if you want to be demure, or, if you’re me, Goals and Actions 2021) with the following five tabs should keep your work streamlined and clutter-free, with just the right amount of aspiration. Let’s start: The Money WatchInvoicing and keeping track of payments might be your least favorite part of being a freelancer. While there are variety of aids to help with the task, there’s something to be said about a straightforward tab that shows a clear picture of your monthly financial situation. Envision a Money Watch table divided by months; every month, dedicate one line in a column to every project you’ll bill, and in the column next to it - the billable sum. A handy SUM formula at the bottom of each month will show you how much money you’re looking to earn - add projects as you go, and the sum will adjust automatically. Bill at your convenience (cross out the project when billed) and uncross and highlight when the payment is received. Plugging in work that way will allow you to see how far you are from your goal monthly salary, as well as providing a visual reminder of sums that are yet to materialize in your bank account. Advanced spreadsheet lovers can add a table of Prospective Business Expenses to this tab - tracking all the money coming out for services, supplies and other work-related needs. The GoalsA freelancer’s career is never stagnant - challenging yourself and constantly pushing forward comes with the territory. That’s why a spreadsheet dedicated exclusively to goals is indispensable; visualizing and voicing what’s ahead can contribute to succeeding, on the very neurological level. In your Goals tab, name one table Quarterly Goals - it’s not too late to tackle Q2, Q3, and Q4. In each column corresponding with a quarter, outline 3-4 detailed, clear goals that would take that much time to achieve; anything from ‘Add three new clients to my billing cycle’ to ‘publish in X magazine’. Next to each goal, insert a few steps you can be taking to achieve it. While goals that are SMART (specific, measurable, attainable, relevant and timely) matter, also leave room for goals that simply set intentions and pinpoint to larger dreams - so next to Quarterly Goals, add a list of Big Picture Goals, without a time limit. Would you like, at some point in your life, to write a book? Speak at a convention? Mentor a student? Write it down. The Big To-DoHow and why anyone engages with to-do lists can sustain millions of articles, But we’re not here to muse - you need a good system, and there’s no way around it. Domestic and family-related, short-term to-do items (call the plumber, order ink) are best kept in a note on your phone, but for anything work-related, consider the following: a multipurpose To Do tab, with lists dedicated to: Emails and People (reach out to X, answer Y), Self-Promote (post on LinkedIn, send newsletter), Projects (complete pitch, order illustration, submit deck) and Maintenance (update portfolio, pay accountant). Fill in as you go, cross out when done, delete completely when all follow-ups are done and over with. The Time ManagementWhen the world turned to working from home, everyone finally realized what freelancers knew all along - managing your own time is difficult. Sometimes, what works best is the simplest: A monthly chart, divided by weekdays and time slots - noon to lunch, lunchtime, 1pm-3pm, and 3pm- end of day. Each week, fill the chart with what you’ll be working on, plugging in items from the Big To Do, meetings, calls and deadlines. Consult the chart when accepting new work or scheduling new engagements - and don’t forget to leave some breathing room for mind-cleansing activities like walks, meditation or art. The Inspiration and IdeasFreelance life isn’t just about executing, billing, and staying productive; leaving some room for inspiration is essential. Whether you work on assignment, or pitch projects to prospective clients, make this tab a safe space for anything that might spark inspiration or result in a project later on. Name one list in this tab Project Ideas - be it a story you want to tackle, a new design idea you’d like to try, a social media project in the making, or an initiative you’d like to start. Even a few words are enough - just make sure that the next time you look at them, you’ll know what you mean. Check in with the list monthly, making steps to turn ideas into actionable items. Another list, right next to it - Check Out: that cool new art film someone mentioned on Slack? Your friend’s upcoming podcast? List them all here, with links. The last list - Connect. Here, include people near and far you’d like to talk to, collaborate with, or work with in the future - make sure to reach out to at least 2-3 people a month to schedule a phone chat, coffee date, or Zoom meetup to expand on your spiderweb of like-minded creatives. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/25/these-spreadsheets-will-streamline-your-freelance-career/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_Nonjudgment_Index.png
This article is reproduced with the permission of Backstage.com. To activate your 30-day free trial as a performer, or waive the typical casting fee as a creator, use the custom code FLUCAST19 at checkout here. And for free access to Backstage Crew, sign up here. Whenever I chat with a client or collaborator of any kind, one thing always comes up: networking is the worst. Performers and creators don’t want to do it, they don’t know how to do it, and they avoid it at all costs. I get it. It’s the fake smiles. It’s the casual look over your shoulder to see who to talk to next. It’s the tentative plans to hang out when both of us have intentions to cancel day of. It’s any combination of: “So, what have you been up to?” “We really need to get a drink or something.” “Have you booked anything lately?” “How’s quarantine going?” You know how my quarantine is going, Sally. You know. Whether or not it’s because of phoning it in or the over-eager beaver, it doesn’t matter if it’s a college student or Tony winner, networking turns many people off. You’re not alone. But we shouldn’t be afraid of networking when we’re collectively surviving a global pandemic. We’ve been through scarier stuff. We have to reframe the mindset. During a conversation with my friend and fellow multihyphenate Catherine Porter, we were talking about the trials and tribulations of networking. She searched for a second and said, “We’re…netweavers.” Immediately that sounded more approachable and active. “Working” perpetuates that this is a mandatory effort for your career. It’s cumbersome and can be a nightmare. While netweaving is the idea that in a professional networking situation, we’re all worthy of being seen while intertwining possibilities to create and see each other. There is a fine line between networking and netweaving. Are you making these connections to advance yourself or are you creating an environment where everyone can succeed? What establishes the difference is your intention. So how do we shift our intentions to become netweavers? To me, netweaving is about three key elements. 1. Building an ensemble. 2. The creative experience. 3. Lasting impressions. In my opinion, netweaving is all about micro-movements. If you’re speaking with someone who is working on a project and you want to be involved, plant that seed. If you have the goodies to make their experience better, they should know about it. It’s not social climbing, it’s not using someone, it’s stepping up and delivering. Other amazing, active micro-movements are email introductions, plus one invitations, being a guest on a podcast, pro-bono work for non-profits or organizations, and more. Ultimately, networking is old-fashioned and stale. Remember we’re artists and the feeling we so strive for when building an ensemble does not have to be chained to the rehearsal room. Sure, say no to going to that party, but make sure you invest in a netweaving opportunity that’s tailored to your speed. Take a breath, change your mindset, be yourself, and find those ways to connect. They are out there. Michael Kushner is NYC’s leading multihyphenate. Photography: Vogue, NYTimes, The Tonys, and more. He’s the creator of “The Dressing Room Project.” Producing: Executive Producer of Wes Taylor & Alex Wyse’s “Indoor Boys” (Emmy Nominated and Indie Series Awards Winning), “XaveMePlease” (Frameline 43 LGBTQ+ Festival), and “Moments in the Woods” (a virtual gala for the HFWAA featuring Lin-Manuel Miranda), and more to be announced shortly. Podcasts: “Dear Multi-Hyphenate” and “My Broadway Memory.” Proud member of Equity. @themichaelkushner via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/24/how-to-change-your-mindset-about-networking/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_LifeCoach_Index.png
Freelancing provides many liberties that salaried roles don’t. It also lacks safeguards designed to protect employees from harmful behaviors, like gaslighting. Babita Spinelli, LP, defines gaslighting as psychological manipulation used to create doubt and questioning within a victim. “It is usually in a power dynamic and instills fear of losing the relationship, whether in a personal or professional setting,” she adds. Gaslighting can happen to anyone, but it’s more likely to be directed toward BIPOC, LGBTQ+, and female-identifying individuals in professional contexts. It can happen in verbal or written communication, on issues ranging from payment to project scope. Left unchecked, gaslighting can undermine a person’s reality and threaten their sense of self, as well as affect their bottom line. “Ultimately, one starts to end up in a cycle of paralysis or inability to negotiate decisions with a clear head,” Spinelli says. My first encounter with gaslighting occurred in my first month of full-time freelancing. I’d signed a short contract at an agency, and aside from the owner’s power-fueled rage and condescending behavior, another man in the building regularly antagonized me. He commented on my appearance, asked me personal questions, and called me “feisty.” Not only was it uncomfortable, it was distracting. One day, I’d had enough. I politely asked him to leave the room. That’s when the gaslighting started: My boss (who’d been out of town) and a male employee said I overreacted — no one was bothering me. My boss downplayed the situation, calling me too sensitive and unprofessional. I learned the man who’d antagonized me was wealthy and interested in hiring the agency, but refused to do so until I apologized for my “rude” behavior. I apologized, but only because I planned to quit: I couldn’t bear the constant distortion of my reality. As a freelancer, I was more susceptible to this behavior than a full-time employee might be because there was no Human Resources department or code of conduct. Instead, I was left to wonder: Had I overreacted? Should I have stayed quiet and remained in my place? I was confused, manipulated, and out of a job. In the past five years of freelancing full-time, I've never forgotten this gaslighting experience because it showed me how easy it is for clients and agencies to wield their power against freelancers, eroding their mental health and livelihood. How to Spot GaslightingGaslighting can be insidious, but learning what it looks like is the best way to protect yourself against it. Spinelli says key signs of gaslighting include:
Freelance writer Patrick Icasas noticed a red flag when an agency expected him to spend extra time on tasks, like attending meetings, without payment. “When I objected, they said those were their expectations of me as a professional, and expressed disappointment that I wasn't living up to their standard.” This is a classic sign of guilt tripping, a common gaslighting behavior. If you suspect someone is guilt tripping you, they might ignore your efforts to improve, give you the silent treatment, or expect you to shrink yourself, Spinelli explains. She adds that a gaslighter can undercut your reality in a more public way, too. “The gaslighter may make attempts to tarnish the freelancer's reputation or make negative or passive-aggressive comments in a group setting such as a group email.” You might also never feel good enough for a gaslighter, even when you did what was asked. And if you challenge them on it? They’ll verbally attack. Liz VanSchoyck, owner of Elizabeth Ivy VA, worked with a company that abused her time, then blamed her. “Towards the end of my relationship with the company, [the client] told me I would ‘never be as successful on my own’ if I decided to terminate our agreement and quit working with them.” How to Cope with GaslightingGaslighting is confusing and hard to pinpoint — especially when it feels like there’s no one else advocating for you — but you’ll usually get a gut feeling when something is off. “Don't just hear it — listen,” freelance writer Kat Boogard says. “As freelancers, it's tempting to write off a ton of red flags because we want to grow our businesses.” A contract helps outline expectations (especially when it comes to payment), and provide a reference point when project scope gets murky. But what happens if you already signed a contract that keeps you legally bound to a gaslighter? You can still take back control with the following steps: 1. Practice Healthy DistancingInstead of surrendering your power to a gaslighter, keep it simple and engage only when necessary. “Always have your line in the sand.” Icasas says. “They will try to push you and see if you are willing to bend your own rules. Once you do, they'll continue to abuse [your boundaries].” Distancing yourself from the person and project can help you take the back time and energy you need to reclaim your agency. It’s also a good idea to take a deep breath and ground yourself before responding to a manipulative message. 2. Take a Reality Check“Go back to the facts and data to remind yourself of what is real and not a distorted reality of the gaslighting situation,” Spinelli suggests. Another idea is to check in with someone you trust to gain objective opinions and validate your experience. Keeping a paper trail of written communication with the gaslighter can remind you of your reasoning and keep you grounded in reality. 3. Affirm Your WorthGaslighting can cause stress and anxiety, so it’s important to feel confident in yourself and your work. Spinelli suggests keeping a log of your personal and professional achievements to reaffirm your worth to yourself. Lastly, if you strongly believe you need to walk away to protect yourself, do it, she adds. “Know that if the work situation is too toxic, you can choose to distance yourself accordingly. Your mental health is a priority.” via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/22/protect-yourself-from-gaslighting/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_Down_to_Wire_Taxes_Lg.png
The IRS announced on Wednesday that the deadline for individual taxes is now extended to May 17 — giving you an extra month to file your return. If you are experiencing a bit of déjà vu, that’s likely because last year they did the same thing, but the deadline was pushed out to until mid-July. Here are the key points you should know about this new deadline to file your freelance taxes: · The new deadline of May 17 applies for both payments and filing individual returns (Form 1040 and 1040-R). It is an automatic extension. · The May 17 date does not apply to corporate, partnership, or nonprofit tax returns. · It doesn’t apply to your first quarter estimated taxes for 2021 either. They are still due April 15. · There is not any specific guidance on whether the May 17 deadline applies to contributions for 2020 traditional IRAs, Roth IRAs and HSAs. We will provide additional information when it is available. · If you need an extension beyond May 17 for your 2020 taxes, you can still file the regular extension form to extend your filing window to October 15. The deadline to submit this form is now May 17, not April 15. · Remember, if you file for an extension until October 15, you must file by then but you have to pay what you owe by May 17. Otherwise, interest and penalties will start to apply after that date. · If you live in a state that has already had the deadline extended due to the impact of weather, such as Louisiana, Texas, or Oklahoma, the new May 17 deadline does not apply to you. Defer to the particular guidance for your state for the deadline. In most cases, this is June 15. · If you have already filed your taxes and want to change your payment date to May 17, you will need to take action to change it. The IRS does not recommend filing an amended return. The IRS states that to cancel payment, you can do so by contacting the U.S. Treasury Financial Agent at 1-888-353-4537. Payment cancellation requests need to be made by 11:59 p.m. ET two business days before the scheduled payment date. You must then reschedule the automatic payment or mail a check to the IRS. If you use the IRS Direct Pay or the Electronic Federal Tax Payment System (EFTPS), both have directions for canceling payments, which needs to be done two days before the payment date. · If you scheduled an automatic payment by credit or debit card you should contact the card company to change the date. · If you filed your return already and paid taxes on unemployment benefits (of which $10,200 are now tax-free), you should not file an amended return. The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free. If you can file your taxes and pay by May 17, now is the time to get a head start and complete your individual taxes. The IRS is already behind in processing returns and this extension is likely going to add to delays in your return and any potential refund being processed. Filing sooner rather than later, especially if you are anticipating a refund, is the best way to expedite having that cash back in your bank account — even before the extended May 17 deadline arrives. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, http://www.cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/19/the-federal-tax-deadline-has-been-extended/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_GetPaidMore_Index.png
If you love the idea of being able to grow your brand and earn money while working location independent, freelancing is the best option. The market is increasingly looking to work with freelancers for different projects. According to a study conducted by Upwork and Freelancers Union:
Freelancing takes time to grow into a successful business, but the location freedom and unlimited earning potential make freelancing a worthwhile pursuit. It takes time to prove your worth to clients and convert them into repeat customers. Here are seven ways to maximize your earnings as a freelancer. 1. Learn New Skills & Polish the Existing OnesApproximately 40% of freelancers choose to further their personal development. Without skills, there is no freelancing. So before you dive into this business, polish your skills. Once you have mastered one skill, continue to expand your skill set as it will help you maximize your revenue from current clients. Let’s explore this further with a few examples: If you are a blog writer, you can also learn how to use a CMS like WordPress or specialize in helping people create a strategy to enhance their search results. If you are a video editor or someone who creates a web design for websites, you can also learn to design unique images using Canva and integrate tools like Clipchamp or Movavi for professional-looking videos; these tools can help you enhance your offering. If you are a copywriter, you can also learn other digital marketing tactics like helping clients get organic traffic or mastering paid traffic methods. When you solve adjacent pain points, your current clients will be able to get everything in one place. Finding relevant related problems within your niche and offering customers these solutions is one of the surest ways to maximize your earnings as a freelancer. There are 3.8 billion users on social media, representing a massive audience where you can market your skills. You may have heard that “people buy into what they can see” — without networking and social media marketing, you’ll never get enough visibility. Social media channels, especially Facebook and LinkedIn, are a few places where you can find many local and international clients. On Facebook, build up a strong profile clearly explaining your niche, services, and contact details. Consider joining relevant freelancing groups as well. Facebook has increasingly promoted its Facebook Groups for better engagement. LinkedIn is another great platform that offers the largest community of professionals. If you have not considered promoting your services on LinkedIn, you may be missing an enormous opportunity to maximize your earnings as a freelancer. Be sure to get creative in your posts by not just adding text but including visuals as well. Use images and videos to teach people new things or make thought-provoking data easier to understand. You can do this by: · Designing infographics (using simple tools) · Crafting personal stories and anecdotes and tying them back to your offer · Creating how-to videos (teaching the audience areas of your skillset) 3. Negotiate, Negotiate, NegotiateApproximately 57% of people are unable to accurately estimate their assertiveness during a negotiation. Pricing structures are challenging in freelancing. Many freelancers will ask the question: What should I charge to maximize my earnings? The answer is simple: When you have a newer portfolio, you can work for lower rates to build your reputation. When you have proven case studies and testimonials, the game changes. Look to increase your pricing to meet the market value of the service you are providing. Consider your payment options: · Upfront Payment - Get paid for your services before you do the work · Payment After Services - This is the most common way to get paid. It helps if you have a contract in place. · Membership Model - Get paid as a monthly service · Payment and Retainer Model - Get paid over multiple months Keep in mind that the most straightforward way to increase your earnings as a freelancer is to get more work or increase your prices. Negotiate with the clients on the final pricing and create custom offers. 4. Cut Down on Unnecessary ExpensesDid you know that 82% of small businesses fail because of cash flow issues? It is common for freelancers to spend more when they earn more. Do not fall into this trap. The simple solution to this problem is to focus on your savings, make a list of unnecessary things that you can live without, and use a tool to help you manage your budget. Personal Budgeting Tools: · Quicken - One of the most popular and established budgeting tools · YNAB (You Need a Budget) - Increasingly popular budgeting tool · EveryDollar - Dave Ramsey helped create this app for his audience · Mint - Free tool to see all your banking accounts in the same place Eliminating frivolous expenses is critical to maximizing your earnings as a freelancer. And yes, this includes both professional and personal spending. You should be even more careful if freelancing is your primary source of income. 5. Be DisciplinedDiscipline is the key to success. If you cannot stick to a schedule and consistently meet deadlines, you can never become successful as a freelancer. 77% of freelancers state they have an overall improvement in their work-life balance when they begin their journey, but remaining disciplined is integral to your wellbeing. If you get more done in the evening, free yourself to work at night and start working on a schedule that makes sense for your lifestyle. Remember, freelancing gives you the freedom to work in your comfort zone, but if you lack discipline and waste your time, this can become a detriment to progress. 6. Use DIY Techniques to Market Your BusinessJust about 45% of freelancers offer skilled services. It’s important to ensure you stand out from the pack with your marketing efforts. As a freelancer, you don’t have to spend money on paid marketing. All you need to do to enhance your exposure is get in front of your target audience and showcase your skills. If you use any of the major freelancing platforms, look at leveraging the traffic from these platforms to find opportunities. You can minimize your ad spend by getting clients on these platforms and later seek to convert on referrals. However, continuous marketing on social media and outside of these freelance marketplaces is also important to building additional traffic sources for your brand). Also, consider paid marketing when you have the budget to speed up your business — but ensure you have a good foundation before you spend any marketing dollars. 7. Think BigFreelancers earn an average of $28 an hour, which is more than roughly 70% of employees in the U.S. economy. Take it seriously! Freelancing is not a waste of time. Instead, it is an amazing alternative to a 9-to-5 job. Establish business goals, give focused time to freelancing daily and take time to market your business. No matter how much competition is out there, if you have skills and you know how to promote your services, you can excel in this business. So think big. Don’t just stick to one path; find more and more clients using a variety of marketing strategies. Having multiple returning clients means that you'll have multiple income streams. When you become successful in acquiring clients, focus on working with customers who trust your skills and are ready to pay more. ConclusionSome of the above-mentioned tips may seem simple, but believe me; they are not always easy to implement and are often the most ignored. Achieving success in freelancing is quite addictive. When you taste it once, you want more. You can prove your worth as a freelancer if you focus on solving other businesses’ needs in a way that is effective and timely. So work smart and stay concentrated. Happy freelancing! via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/17/7-ways-to-maximize-your-freelance-earnings/
https://blog.freelancersunion.org/content/images/2021/03/FU_Blog_TalkMoneyToMe_Index--2-.png
Last week, President Biden signed the American Rescue Plan Act into law, the largest COVID-19 relief package since the CARES Act was passed back in March 2020. Stimulus payments have already started being sent out via direct deposit, but some of the bill's tax implications are still being sorted out. Here's everything you should be aware of that could impact your 2020 or 2021 taxes: 2020 unemployment benefits are tax-free. The first $10,200 in unemployment benefits are tax-free in 2020 for individual taxpayers in households making less than $150,000 per year. For married couples, this amount would be $20,400. Stay tuned for updated guidance on this particular tax provision as it may be subject to change. Remember that this is for federal taxes only, and you should check with your state's tax department about their policy as well. Changes to the earned income tax credit. The act makes several changes to the earned income tax credit (EITC), introducing rules for individuals with no children. In addition, for 2021, the applicable minimum age is decreased to 19, except for students where the age is 24 and qualified former foster youth or homeless youth, applicable minimum age is now 18. The maximum age is eliminated. In addition: · The credit’s phaseout percentage is increased to 15.3%, and the phaseout amounts are increased. · The credit would be allowed for certain separated spouses. · The threshold for disqualifying investment income would be raised from $2,200 to $10,000. · Temporarily, taxpayers would be allowed to use their 2019 income instead of 2021 income in figuring the credit amount. Family and sick leave credits are extended. The credits for sick and family leave originally enacted by the Families First Coronavirus Response Act (FFCRA) including the FFCRA credit for paid sick leave, credit for paid family leave, and special rule related to tax on employers are now extended to Sept. 30, 2021. These fully refundable credits against payroll taxes compensate employers and self-employed people for coronavirus-related paid sick leave and family and medical leave. The act increases the limit on the credit for paid family leave to $12,000. The number of days a self-employed individual can take into account in calculating the qualified family leave equivalent amount for self-employed individuals increases from 50 to 60. The paid leave credits will be allowed for leave that is due to a COVID-19 vaccination. The limitation on the overall number of days taken into account for paid sick leave will reset after March 31, 2021. The employee retention credit is also extended. The act creates an extension of the employee retention credit and extends it through the end of 2021. This credit allows eligible employers to claim a credit for paying qualified wages to employees. Under the act, the employee retention credit would be allowed against the Medicare tax. Applicable percentage amounts for the premium tax credit are changed. The act expands the premium tax credit for 2021 and 2022 by changing the applicable percentage amounts). Taxpayers who received too much in advance premium tax credits in 2020 will not have to repay the excess amount. A special rule is added that treats a taxpayer who has received, or has been approved to receive, unemployment compensation for any week beginning during 2021 as an applicable taxpayer. An expanded child tax credit is available. The American Rescue Plan Act act expands the child tax credit and provides that taxpayers can receive the credit in advance of filing a return. Here are some key points about this tax credit: · The credit is fully refundable for 2021 and makes 17-year-olds eligible as qualifying children. · The act increases the amount of the credit to $3,000 per child ($3,600 for children under 6). · The increased credit amount phases out for taxpayers with incomes over $150,000 for married taxpayers filing jointly, $112,500 for heads of household, and $75,000 for others, reducing the expanded portion of the credit by $50 for each $1,000 of income over those limits. The IRS is directed to estimate taxpayers’ child tax credit amounts and pay monthly in advance one-twelfth of the annual estimated amount. Payments will run from July through December 2021. Under the new Act, you will have to reconcile the advance payment amount with the actual credit amount on next year’s return and increase taxable income by the excess of the advance payment amount over the actual credit allowed. However, if your modified AGI for the tax year does not exceed 200% of the applicable income threshold ($60,000 for married taxpayers filing jointly) you may have the increase for an excess advance payment reduced by a safe harbor amount of $2,000 per child. The child and dependent care credit is also changed. The American Rescue Plan Act makes various changes to the child and dependent care credit, effective for 2021 only, including making it refundable. The credit will be worth 50% of eligible expenses, up to a limit based on income, making the credit worth up to $4,000 for one qualifying individual and up to $8,000 for two or more. A reduction of the credit will start at household income levels over $125,000. For households with income over $400,000, the credit can be reduced below 20%. The act also increases the exclusion for employer-provided dependent care assistance to $10,500 for 2021. Targeted Economic Injury Disaster Loan (EIDL) grants are excluded from gross income. EIDL grants already received from the U.S. Small Business Administration (SBA) are not included in gross income, and that this exclusion from gross income will not result in a denial of a deduction, reduction of tax attributes, or denial of basis increase. Similar treatment is afforded to the SBA’s restaurant revitalization grants. If you have already filed your 2020 tax return, you may need to file an amended return given the changes above. If you have not already files your taxes you may wish to consult with a tax professional for help understanding how the COVID-19 changes impact you. In addition, watch for updates in the IRS rules regarding The American Rescue Plan Act. Jonathan Medows is a New York City-based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He provides tax, accounting and business articles for freelancers on his website, http://www.cpaforfreelancers.com, which also features a blog and a comprehensive freelance tax guide. Please note, due to the high volume of inquiries in regard to COVID-19, Jonathan is not able to respond to individual requests for information at this time. via Freelancers Union Blog https://blog.freelancersunion.org/2021/03/15/how-the-latest-covid-relief-bill-could-impact-your-taxes/ |
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
April 2023
Categories |