Fiscal cliff notes for freelancers
With roughly 77% of U.S. taxpaying households being impacted by Washington’s fiscal cliff deal, the repercussions are reverberating among entrepreneurs and independent small business owners (i.e. freelancers and many who make up the entertainment industry.) The loudest alarm is being sounded by an entrepreneurial sector none too pleased with some of the new rules. It is important that independent producers are vigilant in pursuit of understanding these regulations. Revisit how it impacts your company’s structure, individual deductions and tax bracket. If nothing else, consult an accountant or tax attorney given the implications for how and when you file this year.