It helps to understand the tax lingo used by tax professionals when discussing taxes. Reading tax-related articles or trying to decipher tax form instructions can be more than frustrating when you don’t know what the acronyms mean. And it can be next to impossible to understand tax strategies if you are not familiar with the …
Tax Planning
Do You Qualify For a Small Business Home Office Deduction?
Considering if your small business is able to qualify for a home office deduction? If you are a business owner and use part of your home for business, you may qualify for the office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a …
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Do You Need To File Estimated Tax Payments?
Wondering if you need to file estimated tax payments? Consider the fact, they are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Who needs to file estimated tax payments Employees …
There’s a Special Tax Benefit for Inheritances
Did you know? There’s a special tax benefit for inheritances. You may hear people use the term “Stepped-Up Basis”. This is a tax provision that can be quite beneficial to people who inherit property. It allows beneficiaries of an inheritance to reduce or even avoid taxes when selling inherited property. When an individual sells property, …
Video Tips: New Tax Forms Coming For The 2022 Tax Season
Your new tax forms are on their way! The tax season is just around the corner. In fact, it begins January 24. Just 4 days from today. Documents reporting income, sales and other items needed for your 2021 tax return should be arriving soon. Here are some of the common tax forms to be on …
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What Is Tax Basis And Why Is It So Important?
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 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 …
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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 …
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 …
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