Tax Cut and Jobs Act Archives – Michele Cagan, CPA

How Freelancers, 1099 Workers, and Self-Employed Can Deduct 20% of Business Income

04/03/2021
Do Your Own Taxes, Owning Your Own Business, Single Mom CPA, small business, taxes, you need to know this

Did you know that you can deduct 20% of your business income on your personal tax return? You can, thanks to the Tax Cut and Jobs Act (TCJA). The TCJA brought a lot of tax changes for small business owners. And if you're self-employed, a freelancer, contractor, or had any 1099 income - even from a side gig - that includes you. The biggest tax change: A 20% deduction on self-employed business income called the Qualified Business Income Deduction. That means you will only pay income tax on 80% of your qualified business income. The 20% deduction is for income…

2019 Tax FAQ’s

03/05/2019
Do Your Own Taxes, Owning Your Own Business, Single Mom CPA, The Basics

Got tax questions? I have the answers. All of those confusing changes in the TCJA (Tax Cut and Jobs Act) have led to some unexpected outcomes – like teeny, tiny refunds or surprise tax bills. Plus, the forms that were supposed to be “postcard-simple” are confusing even for the experts. I’ve been getting a lot of questions this year – and expect I’ll get a lot more. If you have any questions that aren’t answered here, add them to the comments and I’ll answer as soon as I can. You can also contact me here. Here are the questions I’ve…