Self-employed


COVID Relief for the Self-Employed

I’m reading #TaxTwitter to try to keep up with the rapid changes happening to help the Self-Employed. The national programs are the Economic Injury Disasters Loans (EIDLs) or the Paycheck Protection Program (PPP): here is a great resource created by Sam Jacobs. I’m also really appreciating the writings of Adam Markowitz and Jeff Levine on #TaxTwitter about these programs. I think it’ll break down this way: If you are self-employed and have no employees (or […]


How to Apply for MA Unemployment if you’re Self-Employed

It’s open! Apply for Pandemic Unemployment Assistance for the Self-Employed using this link. You’ll want a guess about your income from 2019, using your GROSS income, the top line on your Schedule C. You can estimate it. You’ll need your driver’s license on hand. You’ll need a check handy to give them the routing numbers and account numbers for direct deposit. You may need “wage records”, which includes 1099s and W-2s. I’ve got them all […]


Tax Planning Issues related to QBI deduction

Yesterday I went for a full day of continuing education aimed at CPAs regarding the Qualified Business Income Deduction. I came away trying to change my focus from the multi-variable linear equations I got there into actual tax planning strategies to bring up with my clients. I’m going to write up my notes here. This will be long. I’ll highlight the actual planning opportunity, though. REITs and MLPs are superstars of this new tax bill. That […]