Can you show a decrease in your journalism income because of the current pandemic? Freelance journalists nationwide including sole proprietors, independent contractors and the self-employed (for example, S Corporation owners) might now be entitled unemployment benefits in their state. Under the Coronavirus Aid, Relief and Economic Security Act, the provisions of the unemployment program have been expanded to help provide temporary monetary relief for freelance journalists and other workers who illustrate a decrease in income resulting from the effects of the current pandemic virus on business operations.
The Tax Cuts and Jobs Act of 2017 (TCJA) included several provisions that affect how independent journalists are taxed on their business income. We asked Matthew Apodaca, a certified public accountant and executive vice president at NCH Tax & Wealth Advisors in Fullerton, California, to help us understand the current tax situation for freelancers.