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This is a truncated version of the EFA Chicagoland Chapter News. If you would like to read the full e-newsletter, visit the archive, where you can also subscribe to have it delivered to your inbox monthly.

MIND CANDY

It’s that most joyous time of the year again: tax time! As if pandemic life wasn’t already fun enough, new tax forms, the epic drama of Paycheck Protection Program (PPP) loans, and stimulus payments make this year’s tax season even more, uh, well … ”special.”

Luckily, the EFA has your back. It will present Money Management as a Freelancer: How to Organize Your Finances and Prepare for the New Tax Forms on March 4. The event is free, but for EFA members only—and registration is limited. However, a recording will be available for download by members after it airs.

While the IRS Small Business and Self-Employed Tax Center is always a good go-to site for information about self-employed taxes, we gathered several articles and guides to help arm you with enough information to keep out of trouble (we hope).

What’s New?

In addition to the new 1099-NEC Form to report nonemployee compensation, Form 7202’s sick leave credits may impact self-employed taxes. For more, see:

Filing Fever

The following may help you decide what changes do (or don’t) apply to you:

Deductions & Credits

Other ideas to save on your taxes include:

PPP Whaaat?

While the PPP loan program has been a bit of a debacle, especially for small businesses, there are some promising developments:

CPA vs. Software

Is it better to do it yourself or use a CPA? That is the question.

PRO ACT

Unfortunately, if Congress passes the Protecting the Right to Organize (PRO) Act, our freelancing days may be numbered. Despite assurances from Sen. Chuck Schumer, it’s imperative that we contact our congressional representatives to let them know how disastrous this law would be for us if it becomes law as written.

If you need help finding the words for your own letter, EFA Board Member Joy Drohan offered hers as a template in a recent EFA Discussion List thread. You can access the letter here

CALENDAR

For media- and publishing-related conferences, webinars, and other events of interest to self-employed editorial freelancers, see the Media Types Omnicalendar.