Tag - #enrolledagent

Crypto, Extensions and more – April 4, 2019

April 4, 2019 What You Need to Know About Cryptocurrency and Taxes The IRS determines cryptocurrencies to be property, like stocks or real estate, you’ll need to pay taxes if you’ve realized a capital gain and you can lower your tax bill if you’ve taken a loss. Do I need to pay taxes on Bitcoin? That gain can be taxed at different rates. If you held a virtual currency for over a year before selling or paying for something with it, you pay [...]

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Tax Breaks with an IRA

Tax Breaks with an IRA What is an IRA? Individual Retirement Arrangements – aka IRAs – are accounts into which someone can deposit money to provide financial security when they retire. Why would a taxpayer consider having one? Well, here’s what especially peaks our interest: different IRA’s offer different tax breaks. How Do I Get One? A taxpayer can set up an IRA with a: Bank or other financial institution Life insurance company Mutual fund Stockbroker COMMON TERMS Traditional IRA: A traditional IRA is an individual retirement account that offers advantages to taxpayers. [...]

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Clean Up Your (Tax) Act: Small Business Edition

Organizing Your Tax Documents Having a small business and filing your taxes is a whole lot different from filing personal taxes – and honestly, it’s not a walk in the park, especially if you’ve never done it before. Because this isn’t something we have to do every day, it’s easy to overlook and wind up a little messy and unorganized. Life was much easier as a kid, but now we’re grown-ups with grown-up responsibilities. It’s time we clean up our [...]

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Clean Up Your (Tax) Act

Organizing Your Tax Documents Let’s be honest, sometimes we’re all a little messy and unorganized. Life was much easier as a kid, but now we’re grown-ups with grown-up responsibilities. It’s time we clean up our acts a bit. Waiting until the end of the year to collect our records for tax season is a pain in the a**. We often tend to forget when thinking about what’s important to DO because we’re thinking about what’s important to US. The holidays, family, a [...]

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Between Appointments- March 22, 2018

Hello All, What Does Jeff do between tax appointments? Provided by the “current” staff at SFS Tax & Accounting Services… It’s 26 days until the tax deadline, and our Enrolled Agent has been working non-stop and coping the best way he knows how… by singing about his feelings! (Often to our chagrin!!) Get an inside look at our tax professional blowing off steam between tax appointments and preparing returns. As an added bonus, you get to enjoy Jeff’s solid baritone vocal stylings. Here are [...]

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FOF?!?- March 15, 2018

Hello Ali, Happy Ides of March! Julius Cesar’s last act was not to heed the warnings of his impending assassination that was prophesied by a seer, and you know how that story ended. About the subject line FOF. You know how we tax people like our acronyms. IRS, OIC, IA, PPIA, IRM, IRC and on and on it goes. Now I have another one: FOF… What is FOF? It is Fear of Filing!!! What does FOF have to do with Julius Cesar? A [...]

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Death and Taxes- March 8, 2018

Hello All, As you may or may not know, my younger sister recently passed away. Ali and I just returned from the funeral in New York. Thank you to those of you that expressed your well wishes to us. On that sad note, I want you to know that even when there is a death in the family, there may be tax filings, from final 1040s to estate tax returns and the estate’s income return. I am an expert on the preparation [...]

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