Your taxes this year may be dominated by a clear question: "At any point in 2020, did you sell, receive, send, trade, or earned financial interest in any virtual currency?"In...
First, the similarities: 529 custody plans and accounts, such as the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act), offer parents other ways to help...
It is a sad reality for many people that they will have to let go a particular percentage of their income to Uncle Sam. While there is nothing much we can do about that, the right...
Deployed service members must submit their taxes. Fortunately, the Internal Revenue Service realizes that the service members and their families face unique circumstances and offer...
In filing your federal tax return, you can decide to go through the itemized deduction channel or standard deduction method. Standard deduction involves some values defined by Uncle...
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
The OPR supports the IRS's strategy to improve tax law enforcement, ensuring that tax professionals meet tax practice standards and comply with the law. The OPR is the regulatory...
It is not a good idea to turn up empty-handed if you have a tax appointment. You need some records as proof as it will save you time and effort.New clients need to have copies of the...
Posted by Karen Munoz, EA on 12/20/2020
If you're like most business owners who want to close the year and prepare taxes this month, there are several holiday expenses that you can deduct that can save you thousands...