Bitcoin Profits Create Taxing Questions
Are Bitcoin Profits Taxable? As tax season approaches, it may not be immediately clear how the IRS imposes taxes on Bitcoin: Are the profits income? Are they capital gains or something else entirely?
What Tax Reform Means for You
The Senate and the House of Representatives have passed the Tax Cuts and Jobs Act, which contains many provisions that likely affects you. Keep in mind that all changes affecting individuals expire after 2025, and would then revert to current law. Between now and then, expect continued changes as
What You Need to Know About Tax Reform
The Senate and the House of Representatives have passed separate versions of the Tax Cuts and Jobs Act lauded by President Trump. This leaves us with two tax reform bills that need to be reconciled before being sent to the president for final approval. Most sources expect…
Five Year-End Tax Strategies for 2017
The end of the year is fast approaching and now is the time to start your tax planning. The good news is that no major tax law changes took place this year. However, taxpayers may see some changes next year, as President Trump has tax reform as one of his top priorities. Here are five year-end tax strategies for 2017 that can significantly lower your tax bill. If you wait …
How and Why You Should Pay Taxes on Your Bitcoin Profits
Bitcoin prices are booming along with most other crypto-currencies. If you own or trade Bitcoin. you are likely sitting on profits. Today I’m going to talk about how and why you should pay taxes on your Bitcoin profits.
How to Deduct Travel Expenses for Entrepreneurs and Small Business Owners
I took a business trip to Florida with my family. What travel expenses can I deduct?
For the self employed entrepreneur and small business owner, as long as the trip was primarily for business, the costs of meals, lodging, transportation and other related business travel expenses are ordinarily deductible…
5 Worthless Tax Changes for 2017
The U.S. Tax Code is constantly changing and 2017 brings 5 worthless tax changes that you may want to remember when filing your taxes. Keep in mind these tax changes affect the tax preparation you will do in 2018 for the calendar year 2017.
What You Need to Know if Audited by IDES
An IDES audit is a serious matter and careful consideration needs to be made especially in the beginning of the audit process. If your business is chosen for an IDES audit, it’s essential to seek professional guidance…
Have You Chosen The Right Tax Preparer?
Finding the right person to prepare your income tax return is very important, but often, not enough care is put into this vital financial decision. With software, like TurboTax, anyone can prepare income tax returns, including beginners with no experience. When you consider the likelihood of mistakes and audit risks, is this the best choice for you?