The Internal Revenue Service (IRS) is particular about paperwork. This holds true when it comes to transactions involving cryptocurrency like Bitcoins. Why would I need to keep a record of these transactions? The IRS requires that any earnings made on these transactions be included in tax documents. A piece in Forbes discussed the agency’s requirements by delving intocontinue reading…
Tips to make the most of your tax return with electronic filing
The year is ending, and tax season is just around the corner. In a matter of weeks, tax forms will begin to fill mailboxes throughout the country. In an effort to speed the process of getting refunds out to taxpayers, the Internal Revenue Service (IRS) is encouraging taxpayers to make use of the electronic filing system. Thesecontinue reading…
Retirement planning tips to use before the end of the year
Retirement planning is a complex process with unique tax implications. A failure to complete certain tasks within a given timeline can lead to the loss of potential benefits, like tax deductions, while a misstep could result in an audit. Two specific considerations to keep in mind before the end of the calendar year include contributions andcontinue reading…
Tax benefit of home ownership challenged by proposed reform
The current tax proposal under consideration in Congress has a direct impact on homeowners. Essentially, the proposal removes deductions for state and local taxes paid on property that a homeowner can claim on federal tax returns. This can result in an increase in one’s federal tax bill. A publication in The Washington Post discussed thiscontinue reading…
Sell a home in 2017? Three tax considerations.
The sale of a home is more than just a simple transaction. It is important that home owners are aware that these transactions can have tax implications. Three specific tax implications to watch for include: Gain or loss. A publication by Tax Buzz touches on this, noting many taxpayers assume the calculation for determining if a sale wascontinue reading…