Cryptocurrency is a form of payment that can be exchanged online for goods and services. Bitcoin and other types of cryptocurrencies that you buy, sell, mine or use to pay for things can be taxable. Also, if your employer or client pays you in bitcoin or other cryptocurrency, that money is taxable income. [Read more...]
For many Americans, Social Security benefits are the bedrock of retirement income. Maximizing that income is critical to funding your retirement dreams. The rules for claiming Social Security benefits can be complex, so following are a few essential details you need to know. [Read more...]
Last year, the deadline for filing your federal income tax return was pushed back from April 15 to July 15 because of the COVID-19 pandemic. This year, the IRS is once again extending the due date, but only to May 17. [Read more...]
With the passage of The American Rescue Plan, changes to the Child Tax Credit increased from $2,000 to as much as $3,600 per child and will include the option for families to receive monthly installments. This change is only for tax year 2021. [Read more...]
If you recently filed your tax return and were expecting a refund check, it may come as an unhappy surprise to learn that the IRS is keeping your refund. There are several situations in which the IRS can legally seize your refund. [Read more...]
This is the time of year when many people might be getting a tax refund. While there are pros and cons to using your tax refund as forced savings, many people wonder what are some of the best ways to use your tax refund. In addition to the tax refund that you might be expecting, many people have received or may be receiving a stimulus check from the government. It can be a challenge to figure out how to utilize a relatively large check, especially if it’s unexpected or larger than your typical income amounts. Following are a few suggestions.
Restaurants have struggled during the COVID-19 pandemic. The COVID-19 Relief Bill, signed into law on December 27, 2020, made changes to deductions for business meals in tax years 2021 and 2022 to help with that. Businesses will be permitted to fully deduct some business meals that would normally be 50% deductible. [Read more...]
Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks or bonds held as investments. When you sell a capital asset, the difference between the adjusted basis in the asset and the amount you realized from the sale is a capital gain or a capital loss. However, not all capital gains are treated equally. The tax rate can vary dramatically between short-term and long-term gains. [Read more...]