Retirees Not Withholding Enough
Retirees Not Withholding Enough
The IRS has announced that retirees may not be withholding enough for taxes this year. There were lots of changes in 2018 that made previous withholding levels obsolete. You should get with an Enrolled Agent now to make adjustments and avoid penalties.But How Do I Know if I’m One of Them?
How do you even check to see if you’re not withholding enough? The IRS designed a new withholding calculator for employees that are paid wages,...You’ve Asked About Crypto Tax
Is Crypto to Crypto Taxable?
Crypto income is taxed differently. It mainly depends on whether you're buying and selling coins or mining them. All crypto income falls into two categories: capital gains tax and revenue. However, it is possible to occupy both.Do I Pay Taxes on Virtual Currency?
Yes, it is taxed at different rates whether you sold or spent your crypto. For example, if you kept your cryptocurrency for over a year before doing anything with it, you pay a "long-term" capital gains tax. The...9 Tax Deductions Every Real Estate Agent Should Know
9 Tax Deductions Every Real Estate Agent Should Know
Tax season is coming up soon, and if you’re a real estate agent, you should learn how to maximize your deductions. Many have a variety of expenses, and being able to identify which expenses you can use as deductions is critical to helping you keep more of your hard-earned dollars. This is important knowledge whether or not you already have an enrolled agent on hand. Understanding which expenses are allowed will...Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line
Tax Reform Brings Changes to Fringe Benefits that can Affect an Employer’s Bottom Line
The Tax Cuts and Jobs Act impacts several programs. This includes changes to fringe benefits, which can affect an employer's bottom line and its employees' deductions. We've decided to explain how the changes will affect employers:Entertainment Expenses & Deduction for Meals
The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. With this in mind, nightclubs, cocktail lounges,...Helping Taxpayers Understand Different Filing Statuses
Helping Taxpayers Understand Different Filing Statuses
Getting ready for tax return season, but unsure of how to file? Married? How do you know whether or not to file jointly or separately? Taxpayers don’t typically think about their filing status until they file their taxes. However, your status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing...Salvage Your Sunken Uncollectable Debt
Victims of reneged payment agreements might have a tax deduction
Let’s face it – it’s always frustrating not being paid what is owed to you. The IRS has created a system for you that may help with debts and help you salvage some of what’s owed. If it’s clear that the debt is not going to be paid, then you may be able to recoup some of the lost money as a tax deduction. The IRS has two classifications...Small Businesses: Tax Tips for the Freelancer
Small Business: Tax Tips for the Freelancer
If you are an employee, you most likely pay little attention to your taxes until the end of the year. You get your paycheck, your employer does a lot of the work for you and you receive a W2. However, if you are a freelancer or self-employed, the responsibility of paying your taxes rests solely upon your shoulders. There are 14+ million American taxpayers currently in the IRS collection division, and it’s easier...
