Taxes are one of the only certainties in life, and cryptocurrencies are no exception.Yes, your Bitcoin is taxable. The IRS treats ownership of cryptocurrencies as "property"...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/06/2021
For federal tax purposes, inheritance is not classified as income, no matter what you inherited – cash, property, or investment. However, whatever you earn on such an inherited...
Posted by Pat Raskob on 07/06/2021
Many economists analyze the economic policies of the Biden administration and conclude that inflation is an almost forgone conclusion. Regardless, we are already seeing an increase...
Posted by Pat Raskob on 06/25/2021
A tax credit allows you to deduct a certain amount of money from the taxes you owe. It differs from a tax deduction, which allows you to reduce your taxable income. Tax credits are...
Posted by Rosovich & Associates, Inc. on 06/24/2021
When it comes to financial management, debt management is an excellent skill. Whatever the type of debt – car finance, student loan, home mortgage, here are debt reduction skills...
All workers and employers in the service industries where tips occur should abide by the relevant tax rules. One needs to pay income tax, Medicare tax, and Social security taxes on...
Do you know if you are considered a household employer? If you've just hired a caregiver, babysitter, housekeeper, or someone else to help you around the house, then there is a...
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...
The constructive receipt is a tax concept based on which it is assumed that a taxpayer has received income, even though the income has not yet been physically received, which must...