The question “What is tax basis?” comes up in a tax accountant’s office weekly. For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000. If you then sell those …
Tax Central
What To Do When A Loved One Is Facing Mental Decline
Mental decline, including Dementia and Alzheimer’s disease are among the health issues that people understandably fear the most. Cognitive decline is devastating for the patient as well as for their loved ones. This is one of the few diseases where the family will often bear witness to the deterioration. And more challenging, they are often …
What To Do When A Loved One Is Facing Mental DeclineRead More
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure Bill
The IRS has been asking for a reporting requirement for cryptocurrency since inception. Over the last 3 years, the IRS has engaged in a virtual currency compliance campaign. This campaign specifically addresses tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns and even criminal …
Tax Information Reporting Requirement for Cryptocurrency Added by Infrastructure BillRead More
Tax Benefits For Holiday Gifts
Tax benefits for holiday gifts? There can be….! Every year – usually right after Thanksgiving – we start receiving questions about possible tax benefits resulting from gifts. Here are a few examples of gifts that can give back – in tax benefits! Tax Benefits For Holiday Gifts – The Gifts that Give Back! Electric Car …
Congress Terminates the Employee Retention Credit Early
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
Congress Terminates the Employee Retention Credit EarlyRead More
10 End of Year Tax Saving Strategies to Consider
If you’re looking for year-end tax saving strategies, we have a few to share. It just seems hard to believe that the holiday season is almost upon us. Mainly because right after turkey and trees, comes the 2021 tax preparation season! With the end of the tax year just around the corner, tax-savvy individuals need …
Fall Tax Planning For 2021: 22 Winning Tax Opportunities
Ready to talk about fall tax planning strategies to set you up for the new year? Taxes are like vehicles – they need a periodic check-ups to make sure they are performing as expected. And if ignored, little issues can turn into BIG ones, costing you money. It’s smart to be proactive and stay on …
Fall Tax Planning For 2021: 22 Winning Tax OpportunitiesRead More
IRS Delays Due to COVID Is Wrecking Havoc
There is no doubt that the IRS delays due to COVID-19 is causing considerable taxpayer stress. Before the COVID-19 pandemic, the IRS was issuing refunds and working through returns relatively quickly. They consistently responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused …
Consider These 8 Tax Breaks For Grandparents
If you are looking for tax breaks for grandparents, you are not alone! More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent. This accounts for approximately 9% of all children …
