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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 are not familiar with The Corporate Transparency Act (“CTA”) and what it means for freelance businesses, you are not alone. Here’s a quick recap of the CTA deadlines and obligations for freelance business owners: Companies formed prior to 2024 must file a report under the CTA no later than January 1, 2025.
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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Get them answered in our webinar on November 6th: [link] The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, has significant implications for freelancers and all business owners.
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