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Most Freelance Businesses Must File Their Beneficial Ownership Information Generally, a beneficial owner is an individual who either exercises substantial control or owns 25% or more of the reporting company. Do not send money in response to any mailing that claims to be from FinCEN or another government agency.
As we move through 2024, understanding these implications is essential to ensure you understand the full impact of student debt relief on your freelance taxes, especially because the current federal exemption expires at the end of 2025. Freelance taxes on student loan forgiveness may be affected at the state level.
If you own a freelance business that was formed in New York State, you are now officially required to report information about your business ownership and more at both the state and the federal level. and beginning January 1, 2026, New York State is introducing its own version of the Act.
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