Single Mom CPA™

Before my son was born, I worked as a CPA for one of the biggest accounting firms in the world. Now my life is centered on loving and supporting my son while also helping other single moms and female entrepreneurs de-stress all things financial to gain financial peace of mind. My goal: to make your life easier, and free up your time so that you can focus on doing the things you love. If this sounds good to you, I hope these blog posts can help get you started. Wherever you are on your financial journey, I’m here for you!

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Tax FAQ for Tax Year 2020

Q: When are my taxes due? A: May 17, 2021 is the due date for individual tax returns – Form 1040 – and making 2020 income tax payments. But there are other due dates you may need to know too: April 15: 1st estimated tax payment for 2021 April 15: income tax return for C corporations Q: Is...

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How to Make Estimated Tax Payments and Avoid IRS Penalties

UPDATED FOR 2021 So many people – especially newly divorced single moms and first-time freelancers – end up in tax trouble for one common reason: They don't realize they need to make estimated tax payments.  So if you: Started a business Have a side gig Got unemployment Work from home as a freelancer Have any...

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Self-Employment Taxes: Here’s What You Need to Know

More and more people - especially single moms -  are working multiple jobs or side gigs to make ends meet. But not all of those jobs come with a “normal” paycheck, the kind with taxes taken out. And that's why you need to know about self-employment taxes. When you work as a freelancer or independent...

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

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...

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How To Fill Out Schedule C If You're Self-Employed

If you're self-employed, work as a freelancer or contractor, or have a side gig, you are a business. And that means you'll need to fill out Schedule C as part of your federal income tax return. When you use Schedule C, you can deduct business expenses against the money you earned to lower your income......

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Don’t Apply for PPP Loan Forgiveness…YET

Don’t Apply for PPP Loan Forgiveness…YET

If you’re ready to apply for PPP (Paycheck Protection Program) loan forgiveness, WAIT.

As it stands right now, getting forgiveness for your loan could end up costing you more money in taxes. And unlike the super low-interest loan that can be paid back over time, the tax bill will be due in one big lump sum.

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