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If you own a small, independent restaurant in New York State (NYS), you may be eligible for the State’s new return-to-work tax credit, which is part of the 2021 state budget legislation and provides qualifying restaurants with a tax credit of up to $50,000 and $5,000 per net new hire. To qualify for the tax credit, restaurants must: ● Be small and independently owned; ● Operate in New York City, or in areas that were designated as an Orange Zone or a Red Zone for at least 30 consecutive days by the State Department of Health during the COVID-19 emergency; ● Demonstrate COVID-related losses and show proof of hiring at least one full-time worker at the restaurant; To be responsive to the needs of COVID-impacted restaurants, the Restaurant Return-to-Work Tax Credit provides a Fast Track Option, which allows restaurants to claim the credit before the end of the tax year starting after August 31, 2021. If you choose not to use the Fast Track Option, you can claim the tax credit on your 2021 NYS tax return as long as you can demonstrate a net employee increase of at least one full-time employee between April 1, 2021 to December 31, 2021. This new Restaurant Return-To-Work Tax Credit Program is another part of the State’s 2022 budget plan to restart the NYS economy which also included support for arts and cultural organizations, the tourism industry, restaurants, and the state's small businesses, which represent 98% of all New York State businesses. The State has also launched the $100 million New York City Musical and Theatrical Production Tax Credit program to support stage-based arts and entertainment businesses which were also hard-hit by the pandemic. For more information, you can visit the Empire State Development program website at: NYSBusinessRecovery.ny.gov. 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 free newsletter, blog and a free Self-Employment Readiness Assessment. via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/13/new-tax-credit-new-york-state-restaurant-owners/
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If you’ve been hanging out with me for a while, you’ll know I can pretty much tie any life experience to entrepreneurship. And this post is no different. This one was fun to write because it has ALL the elements of a messy human experience: ego, growth mindset, grit, and resilience. The (literal) vehicle for this experience? Roller skates! It all started a couple of months ago when I COVID-purchased (aka impulse bought in an attempt to reduce stress and boredom) a pair of peach leather, purple glitter-wheeled roller skates. Now, I used to roller skate a long time ago (hint, I was sporting a perm, frosted pink lipstick, a bat-wing sleeved sweater, and skin-tight jeans) and, in my memory, I was pretty good. But when those sweet rides arrived on my doorstep and I eagerly put them on, my look was less Beyoncé and more windmill arms and cries of “I can’t stop!!” My ego was bruised as much as my bum when it hit the asphalt! So, like any growth-minded business coach worth her salt, I resolved to find someone who knew what they were doing and get them to teach me how to do the same. Which is how I ended up at a roller rink in NJ bright and early on a Saturday morning with awkward-but-game adults like me all the way to itty bitty kids (who I will neither confirm nor deny were better than me). I had SO much fun that I went back the next Saturday. And plan to keep doing so until my skills match my vision. If you’re even the tiniest bit curious how I’m going to tie roller-skating to entrepreneurship, here are the 10 totally-applicable-to-business lessons I’ve learned at the rink so far. 1. Embrace the gap between where you are and where you want to be. Whenever we do something new – whether it’s a creative endeavor like writing, painting, or photography, or a business one such as public speaking, facilitating a group, or leading a team – chances are, we’re going to be pretty bad at first. How could we not be? No one is born good at what they eventually gain mastery over. Because we all know this to be true, yet we need to be reminded every 5 minutes, The Gap (hit it up on YouTube) by Ira Glass is a great reminder. 2. Struggle alone (and slow your roll) or get support and make progress I used to take pride in figuring stuff out on my own and doing everything myself. Not anymore! These days, I find someone who’s awesome at teaching or doing what I want to learn/do and pay them to help me. I save money and time, get better results, and have more fun along the way. Quick sidebar: Investing in support is a big deal and not always financially feasible. What I’ve learned is investing in yourself is mostly about mindset, and support comes with a wide range of price tags from free to very expensive (my group roller skating lessons are just $10!). Make the decision to get support, do your research, pick the option that’s right for right now (an excellent book on the topic is a great start) and up-level when you can. Never let anyone tell you that you need to put yourself in financial jeopardy to make your vision a reality. You don’t! 3. Sometimes an impulse is actually an intuitive nudge toward your future self OK, this one’s a sneaky one. When I impulse-bought the not-at-all-cheap roller skates, buyers’ remorse and my inner critic set in almost immediately: What was I thinking? Was I crazy? Shouldn’t I be spending that money on skates for my kids not me? And then I remembered why I had bought them. Just the thought of roller skating again filled me with feelings of such freedom and joy, I would have been out of my mind not to have bought them. If that inner critic (you know, the “Who do you think you are?” voice) pipes up, question it. An impulse is not always the right thing, but sometimes it is. Only you know your heart and can determine the difference. 4. Leave your ego at the door This point is tied to #1 and embracing the gap between where you are and where you want to be. Your self-worth is not tied to your ability level. Remember, no matter how “bad” at something you are, you’re an extension of the universe that created you – you’re made of stardust for goodness sake! Leave your ego at the door, embrace a beginners’ mind, and soak up all you’ve got to learn. 5. Support other learners One of the best ways to stop focusing on your shortcomings and feelings about them is to focus on supporting others. Turn your attention outwards and listen and watch for what they need. Do you have an experience or story you could share that might help them? Maybe a kind word of encouragement or support. Could you reach out a hand and help them up when they fall? 6. When (not if) you fall, get back up If you’re doing anything worthwhile, you will stumble, fall, fail, look like an idiot, say or do the wrong thing, etc. etc. Avoiding the pitfalls isn’t an option, they’re part of the work. There’s no way to avoid the pain and embarrassment, but I’ve found that finding the right guides, community, and resources keeps me moving through the hard parts. Look for the folks who’ve been/are there, won’t hesitate to correct you, and will do so with compassion and non-judgement. 7. Instead of judging the folks around you, applaud them for showing up and doing their best Speaking of compassion and non-judgement, have you noticed how easy it is to judge other people – especially when you know you have no idea what you’re doing? I know I have. Whether it’s business, parenting, or roller skating, falling into the “at least I’m doing better than him/her/them” trap is one to be avoided at all costs as it only serves to reinforce division and hierarchy. The best antidote I’ve personally found for my judgmental tendencies is to walk around silently applauding folks for doing hard things and doing the best they can. It helps! 8. You’re never too old, and it’s never too late, to learn something, pick something back up, or try something completely new That’s all I have to say on this one! 9. Progress is sometimes painstakingly slow One of the hardest things to manage is the feelings of impatience and urgency that accompany a desire to grow. Perhaps you want to increase your income this red-hot minute. Maybe you’re itching to write that book or launch that program already. Or, perhaps you’re feeling the call to switch careers, or start your own business. The only way to make progress is to start and then create some habits and routines to support your staying in forward motion. Do these two things and you WILL make steady progress towards your vision or goal, I guarantee it! 10. Once you’ve made the leap, find and join other leapers You’ve heard the term “misery loves company”, right? Well, we don’t do that around here! We do “courage loves company” (or some version of that, I literally just made it up on the spot!). Once you’ve decided to do something, find other people who are doing the same and join them. Leave the Moaning Minnies and Debbie Downers to their own devices. They’ll be exactly where you left them should you decide to return! via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/12/how-picking-up-a-new-hobby-can-help-you-be-a-better-freelancer/
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It’s been a stressful year for investors. It’s been even more stressful for freelancers with money in the market, as they’ve had to deal with the overall economic uncertainty and big market swings. The good news is that there’s a simple way to improve your investment performance while simultaneously reducing financial stress in 2021. And the best part? You don’t have to do anything. In fact, doing nothing is the strategy. In a recent column in The Wall Street Journal, I explain why doing nothing with your investments is usually the best approach. The explanation begins with the costs of active trading, or frequently buying and selling stocks. The evidence against active trading is persuasive. Ilia Dichev at Emory University found that the average investor in the NYSE loses 1.4% per year in returns and the average investor in the NASDAQ loses more than 5% due to excessive trading. But wait — it gets worse. A new study by Dichev and Xin Zheng at the University of British Columbia shows that active investors don’t just experience lower returns — they also experience much higher market volatility than those who simply buy and hold investments. In short, their portfolios are even more likely to go up and down in value, which can be both stressful and expensive. It’s an important result because it reveals the full cost of active trading. Such investors are chasing safe winners, but they’re actually getting risky losers. This means that active investors, on average, assume much more risk to get lower returns. Given the high costs of active trading, what should freelancers do with their scarce resources? What’s the best way to allocate your income? The first thing you should do is pay down your debt, especially if it’s expensive. Whatever you earn in the market will most likely be less than the cost of interest. Those credit card charges add up. Fast. The second thing you should do is reduce your hidden debt, which is your future tax payments. The IRS expects freelancers like you to pay at least 90% of your total tax bill in quarterly estimated payments—falling short can lead to costly tax penalties. Fortunately, Lili makes it easy to save for tax season with their automated tax estimation tool. If you’ve paid off your debt and saved for taxes, you should then make sure you have an emergency fund. Lili also makes this easy with their emergency bucket feature, allowing you to automatically save for unexpected expenses. By preparing for surprise bills, you can reduce your reliance on costly debt, as well as reduce financial stress. Several recent studies have demonstrated that high levels of financial stress can exert a steep toll, harming the body and mind. Worrying about money can even significantly increase our chances of getting into a car accident, as financial anxiety makes it harder to focus on the road. Finally, if you have still money left over, you should consider investing in the market. However, don’t be an active trader—use a buy and hold strategy instead, which generates the highest returns over the long-term. One effective approach is to choose a low-cost index fund or ETFs and try not to touch it for many years. The less you do, the better you’ll do. By using your extra earnings in this order, you will minimize unnecessary costs and expenses, which means more money to save and invest down the road. Your future self will thank you. via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/11/how-to-make-your-freelance-money-go-further/
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As the Executive Director of Freelancers Union, one of my top priorities has been to advocate for the proliferation of the Freelance Isn’t Free Act in cities across the country. With Minnesota becoming the second jurisdiction to institute such a law in January of this year, we are proud to report that on Tuesday, August 10, the Los Angeles City Council’s Economic Development and Jobs Committee will meet to discuss bringing a version of New York City’s landmark law to their city. This is the first step toward securing legal rights and protections for the freelancers of Los Angeles. Late and nonpayment from clients is the most common - some 71% of freelancers struggle to get paid in their career, and they lose an average of $6,000. It’s wage theft, plain and simple, and clients get away with it because they know that freelancers work alone, without the legal rights afforded to employees. The Freelance Isn’t Free Act establishes protections for freelance workers, specifically the rights to a written contract, timely and full payment, and protection from retaliation. The law empowers a city agency to enforce it, and has real consequences for violations of these rights, including statutory damages, double damages, injunctive relief, and attorneys’ fees and costs. Bringing this law to L.A. will be a major victory for the hundreds of thousands of freelancers who are the backbone of the city’s economy. If the motion passes in Tuesday’s meeting, Council staff will begin drafting legislation that provides all these key protections and is specific to the needs of the L.A. workforce. After that, it will be brought to the full Council for a vote. Right now, the most important tool we have is your stories. Councilmembers need to hear from freelancers who have suffered because of nonpayment to understand the scope of the issue. The City Council is accepting public comments on the motion in writing and by phone to the meeting itself. If it passes this step, every City Council member will need to hear directly from their constituents about why they should support this bill. It’s time to speak up! If you are interested in working with us directly to make this law a reality, either by providing a testimonial or helping to organize your freelance peers, please reach out directly to [email protected]. If you’d like to submit a written comment or send an email to your councilmember, you can use the below script as a model. New Yorkers are also invited to share stories of how Freelance Isn’t Free has helped them. I am writing to support Council Blumenfield's motion, Council File 21-0107, to have the City Council adopt a NY-like Freelance Isn't Free law. The motion is at: https://clkrep.lacity.org/onlinedocs/2021/21-0107_mot_01-26-2021.pdf. The NYC Freelance Isn’t Free Law establishes and enhances protections for freelance workers, specifically the right to a written contract, timely and full payment, and protection from retaliation. The law establishes penalties for violations of these rights, including statutory damages, double damages, injunctive relief, and attorneys’ fees and costs. In New York, the law has helped freelancers recover more than $1.6 million in restitution and penalties in the last three years. As a freelancer, [SHARE YOUR STORY WITH NONPAYMENT HERE]. Freelance Isn't Free works and protects the growing number of independent contractors in the US economy. I urge you to bring this legislation to Los Angeles. via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/09/bring-the-freelance-isnt-free-act-to-los-angeles/
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One of the appeals of freelancing is the ability to pursue your own interests and ideas. Especially as you develop as a freelancer, it is often your point of view that potential clients will be interested in. Knowing this, it is important to understand how the ownership, or copyright, of your work is controlled, especially as it factors into working with clients. Though it can be overwhelming, it is important to understand and protect your copyright, as it can provide opportunities to support the longevity of your business. Today, content created in one medium can become fodder for a variety of spinoffs. In the case of freelance writing and magazine articles, “Hustlers” (2019), “Blue Crush” (2002), and “Fast and the Furious” (2001) are all movies inspired by articles first found in the pages of New York Magazine, Outside, and Vibe, respectively. The right to turn those articles into successful films — and who got paid for it — is determined by the copyright. Of course, not everything you write will be movie material, and you don’t necessarily need to retain the rights to everything you produce, but in the rapidly evolving media environment, an understanding of copyrights and a development of best practices can provide you with the business opportunity to revisit the work you create in podcasts, books, or whatever new media format emerges in the next several years. To better understand copyrights, I spoke to a lawyer, Anibal A. Luque. He is the founder and managing attorney of Luque PLLC and provides strategic business and legal counseling to creatives and entrepreneurs. He has advised and consulted across the spectrum of the creative industries from independent record labels, art and fashion startups, stylists, fine artists, and DJs and producers. What Does “Copyright” Actually Mean?As Luque explains, “copyright” is a bundle of rights that protect the creator of an original work of art. This can cover images, visuals, literary works, choreography, audio visual work — really, any range of expression. It should be clear, though, that copyright doesn’t protect ideas itself, but more so how the idea is expressed. While anyone can produce work off of the idea of “freedom,” the idea is not what is copyrighted. Instead, it is the actual text choices, visual decisions, or movement choices in its final form that will have copyright protection. There is no need to file any type of federal copyright paperwork in order to get those rights. As soon as the work is created, the copyright immediately belongs to the creator, unless otherwise specified by a contract with a client. In addition to ownership of the original work, copyright also covers how the work can be displayed, reproduced, and distributed, and any derivative of the work (this is what happens when an article is turned into a screenplay for a movie, podcast, or any other type of product). As creators make more work, they build what is called an Intellectual Property Portfolio (or IP Portfolio), a portfolio of copyrights for all of the work that they produce. Why Do Brands/Magazines/Clients Want Your Copyright?Since the copyright of any work produced automatically belongs to its creator, brands, magazines, and clients need permission from the creator to use the work. However, brands and clients tend to hold more resources, power, and leverage than individual creators, and so the standard contract they offer tends to look out for their own best interests, typically cutting out the creator with lines like: rights "in perpetuity throughout the universe" and/or through “any technology known or yet to be developed.” Luque says, “Standard is not always fair. So these work-for-hires contracts for freelancers [may be the] standard way of doing business, but it doesn't necessarily mean that it's fair.” It is in the best interest for brands to increase or add value for themselves, and this usually happens by having as much intellectual property as possible (look no further than the sale of Quibi to Roku, or the controversy around the archive of Gawker, to understand the financial power of an IP Portfolio). While the copyright section in a contract may go by a variety of names, the crux of it is that in exchange for whatever they are going to pay you, the copyright of the work will immediately transfer ownership to the employer. So What Is a Creator to Do?Negotiating contracts can feel like going up against Goliath, but there are effective ways to protect your copyright. Luque acknowledges that part of it is based on the leverage the creator brings to a contract negotiation – echoing calls by others about the importance of building a personal brand and audience – but a basic understanding of the mechanics of copyright can also be extremely helpful. He suggests two strategies to protect your IP Portfolio in the long term:
There are some situations where retaining the copyright for the work you create may not be so important. Ultimately, Luque suggests creators consider “what are you giving up versus what are you receiving in return?” Product descriptions may not necessarily offer long-term value to the individual creator, and if the tradeoff is consistent work or a good paycheck, it does make better business sense to sign over all of the rights to the client. Clients may also provide access to tools and resources the individual creator could not get on their own, and in such cases, it may make more sense to consider sharing copyright. Copyright is important to understand and protect when need be, because it can provide creators with additional revenue streams and opportunities to explore other creative opportunities. As a final word, Luque offers, “You shouldn't be afraid to ask your peers about their contract negotiations and to talk to them, because you're all in the same boat.” Sharing details about your own negotiations may help another freelancer with theirs, and could even convince a client to change their standard contract language.
via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/03/how-freelance-writers-can-protect-their-copyright-and-why-it-matters/
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The U.S. Small Business Administration (SBA) just made applying for forgiveness of Paycheck Protection Program (PPP) loans under $150,000 easier with the introduction of an online portal where borrowers of PPP funds can directly apply for forgiveness without involving their bank lender. This change is good news if you are a freelancer who leveraged a PPP loan for your business during the pandemic. The introduction of the new expedited PPP loan forgiveness portal, which is scheduled to go live on August 4, 2021, is expected to speed relief to the millions of small businesses that took out PPP loans during the COVID-19 pandemic. One caveat to this proposed plan to expedite forgiveness on PPP loans under $150,000 is that lenders must opt into the program to allow the SBA to provide direct forgiveness to borrowers under their loan administration program. The SBA’s strategy behind the new streamlined PPP loan forgiveness application portal is to simplify forgiveness for sole proprietors and small freelance businesses, so if you received a PPP loan during the pandemic, now is the time to check to see if your lender has opted into the program so you can take advantage of this expedited process. If you have questions about the expedited PPP loan forgiveness portal or forgiveness of your PPP loan in general, you can call the SBA’s PPP customer service team at (877) 552-2692, Monday – Friday, 8 a.m. - 8 p.m. EST. 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 free newsletter, blog and a comprehensive freelance tax guide. via Freelancers Union Blog https://blog.freelancersunion.org/2021/08/02/new-sba-ppp-forgiveness-portal/ |
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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