Form 1040 Cryptocurrency Question – How to Get It Right
Form 1040 Cryptocurrency Question – How to Get It Right If you invest in cryptocurrency, this is information you MUST know for this tax season. The IRS is going to be closely watching those who deal in cryptocurrencies. Filing an incorrect tax return can result in an audit, so you need to ensure…
Know Your Rights – What the IRS Can’t Take
Know Your Rights – What the IRS Can’t Take Every day we get a phone call from someone who is scared that the IRS will come and take everything they own from their house in the middle of the night. Today we’re going to talk about things that the IRS absolutely can NOT…
How to Avoid the Top 3 Cryptocurrency Tax Traps
How to Avoid the Top 3 Cryptocurrency Tax Traps Lately, a lot of focus is on investment transactions in various cryptocurrencies. So now the IRS is watching – maybe even closer than you think. Let’s talk about how to avoid the top 3 cryptocurrency tax traps. TRAP #1 You have to…
Cryptocurrency Savvy – Know What the IRS Knows
Cryptocurrency Savvy – Know What the IRS Knows Have you wondered what the government knows about your crypto transactions? If cryptocurrency investment is supposed to be encrypted and private, what does the IRS get to see? There are three main sources of information the government gets: 1.) Voluntarily provided data. This is…
Success Story – $300 Total IRS Solution!
Success Story – $300 Total IRS Solution! Today’s success story involves an Illinois couple who started working with Tax Law Offices in May 2021. The wife had recently retired. But this couple, humble and hard-working, owed over $67,000 to the IRS and really needed our help. Unfortunately, another firm had disappointed them before they…
Will My Recovery Rebate Credit (Stimulus $$) Be Used to Pay Back Taxes?
Will My Recovery Rebate Credit (Stimulus $$) Be Used to Pay Back Taxes? We have good news – The answer is no! Keep reading to find out more. The Recovery Rebate Credit allows individuals who did not receive their stimulus payment to potentially claim the missing amount on their 2021 tax return. …
Can I Deduct Business Expenses Paid With a PPP Loan?
Can I Deduct Business Expenses Paid With a PPP Loan? The Paycheck Protection Program (PPP) was introduced in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under PPP, small businesses were given up to 24 weeks of cash flow assistance through federally guaranteed loans. In December 2020,…
100% Tax Write-Off for Your Super Bowl Party Right Now!
100% Tax Write-Off for Your Super Bowl Party Right Now! A completely tax-deductible Super Bowl party probably sounds too good to be true, but trust us, it’s 100% possible! Meal and entertainment tax deductions for small businesses can be confusing. Some meal and entertainment items are 100% deductible, some things are only…
Top 3 Tax Tips for Gig Economy Workers
Top 3 Tax Tips for Gig Economy Workers If you work for yourself, this is a must-read! The gig economy continues to grow with no signs of slowing down. In addition, companies like Uber and DoorDash have made it even easier for people to make money outside of traditional employment. However, those working…
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule For most of us, $600 is not a life-changing amount of money. But, now, with IRS’s new rule – it could be. As of January 1st, 2022, if you receive more than $600 from payment apps such as Venmo, CashApp, or Zelle, it will…