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 …

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Taxes 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, …

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Portfolio 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 …

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New 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 …

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Deductions 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 …

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Searching for Deductions

Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce your income taxes and (b) boost your Section 199A deduction at the same time. First Things First If your …

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How to Get the IRS to Owe You Money

[vc_row][vc_column][vc_column_text] How to Get the IRS to Owe You Money [/vc_column_text][vc_single_image image=”2001″ img_size=”full” alignment=”center”][vc_column_text]How can you get the IRS to owe you money? Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less …

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