New Crypto Tax Info
The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return. Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes: If you receive bitcoin in exchange for your services, then your income is the fair
read moreRetired, Still Working and Paying Taxes
If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few thoughts that will help. Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too Self-employed individuals who are age 50 and older as of the applicable year-end can
read moreYour Taxes and Vacant Lot Investments
The Tax Cuts and Jobs Act (TCJA) likely requires that you rethink the tax strategies you were using on your vacant land investments. And the TCJA changes may be such that you have to rethink vacant land as an investment, at least for the years impacted by the TCJA. Overview The vacant lot and unproductive
read moreWhat You Should Know About the New Individual Coverage Health Reimbursement Arrangement
The new individual coverage HRA (ICHRA) has much to offer a small business (businesses with fewer than 50 employees). In this client letter, we give you nine insights into the new ICHRA. Insight 1. Application of the Class Size Rule The class size requirement applies only if you (a) offer a traditional group health plan
read moreThoughts about Medical and Retirement Deductions
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six strategies that you can implement before the end of the year. Five of the strategies increase your tax deductions, and
read moreTaxes and Your Family
If you are thinking of getting married or divorced, you need to consider December 31, 2019, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy. And now,
read morePortfolio Prep for Tax Season
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2019 income taxes. The tax code contains the basic rules for this game, and once you know the rules, you can apply the correct strategies. Here’s the basic strategy: Avoid
read moreCruising for Deductions
If you want to attend a convention, seminar, or similar meeting onboard a cruise ship and deduct all your costs, you face some very special rules. But it can be done. When you know the tax code rules, you will find an enlightened workaround that removes almost all the hassle and gives you what you
read moreNew Year, New Car?
Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate both the first problem (needing more deductions) and the second problem (needing a replacement vehicle), but you need to get your vehicle in service on or before December 31, 2019. To ensure compliance with the “placed in service” rule, drive
read moreDeductions and Your Car
December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now! Take Your Child’s Car and Sell It We know—this sounds horrible. But stay with
read more