Resources and Tips
If you enjoy doing your own taxes and don’t mind dancing through the minefield that is the IRS code, if and when you get stuck you might find one of the following useful:
For IRS Payments –This IRS site enables individuals to make estimated tax payments and pay their tax liability directly, online. http://www.irs.gov/Payments
To Pay New York State Tax Bills and Notices – This site enables individuals to pay NYS bills and notices online (need to create an account) and provides mailing instructions as well. http://tax.ny.gov/pay/all/pay_a_bill.htm
For New York Businesspeople
The Metropolitan Commuter Transportation Mobility Tax (MCTMT) is imposed on certain employers and self-employed individuals in business in the New York metropolitan commuter transportation district. On August 22, 2012, the Nassau County Supreme Court (in the state of New York) found the MCTMT to be unconstitutional.
Although appeals are ongoing and a resolution is not in the foreseeable future, you can preserve your ability to request a REFUND, if refunds become available. To protect your right to request a REFUND, you must file a protective claim with the New York State Department of Taxation and Finance before the three-year (3-year) statute of limitations expires (three years from the due date of your MTA tax).
For New York Parents
It may be useful for you to know that in New York State you can contribute to your kids’ education savings program* (the 529 plan*) in New York State and arrange for the contributions to be tax-deductible on your New York State tax return. If this is something that interests you, I can steer you in the right direction, or I can handle this for you myself. Just call us at 646-678-4496, or email email@example.com.
For U.S. Citizens with Assets Held Abroad
If you fall into this category, you must know that, according to federal regulations, you may be required to declare certain foreign-held assets (including bank accounts). If you need help with this, call us at 646-678-4496 or email firstname.lastname@example.org.
For Everybody Everywhere
Of the IRS deductions available for freelancers, an important one is health insurance. The majority of freelancers and small business owners purchase their own health insurance. If you’re a Sole Proprietor or a Single Member LLC, this is deductible as an adjustment to the adjusted gross income on your individual 1040 tax return. Cobra payments count as well. What else is deductible? Specifically, things that are business-related, including: costs and fees for travel, phone/ communication, accountant serves, professional dues and membership fees, business meals and entertainment, automobile expenses, office supplies, Internet access, computer equipment and software, postage and the physical space that is your home office.
Planning for Retirement?
I recommend creating an IRA*, SEP* and/or 401K*. If you have an employer and the employer matches employee contributions, you should definitely take advantage of the FREE money by contributing the maximum amount.
Where’s My Refund?
To make things easier for taxpayers (life is tough enough), a few years ago I created a one-stop shopping site. For refund status information for federal and state taxes (all fifty states), just click on: http://www.dudewheresmyrefund.com
Free Financial Organizer
Download our free Financial Organizer and you’ll be ready to get your taxes done in no time!
Taxes For Freelancers and Artists