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How Are Crypto Loans Taxed?

How Are Crypto Loans Taxed?

Getting a fiat loan on your appreciated crypto is a great way to withdraw money without paying capital gains tax. This article will analyze several transactions associated with a cryptocurrency...

Posted by KLSM CPA Firm PLLC on 04/06/2021

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Operating a Foreign Bank Account: Tax Implications for Americans

Operating a Foreign Bank Account: Tax Implications for Americans

All US citizens with foreign accounts need to worry about the tax implications. Uncle Sam does not treat all funds held in a foreign bank account the same way as a domestic bank account....

Posted by KLSM CPA Firm PLLC on 03/31/2021

Houston TX Tax Pro for Foreign Bank Accounts Tax Preparer for Foreign Accounts DOJ US Expatriates Double Taxation Form 114 US Citizen Tax Compliance Act FATCA Global Economy Tax Evasion Foreign Bank Account Non-Compliance FBAR
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A Threat From The IRS to Garnish My Wages: What to Do

A Threat From The IRS to Garnish My Wages: What to Do

For people with tax debts, it is possible that Uncle Sam will garnish some part of the wages in a process known as a continuous levy. This happens when someone does not respond to...

Posted by KLSM CPA Firm PLLC on 03/26/2021

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Essential Tax Tips for Money Generating Hobbies

Essential Tax Tips for Money Generating Hobbies

Many people have hobbies like playing the piano or bead making simply for fun and do not expect any special monetary compensation from it.   Some hobbies might require a couple...

Posted by KLSM CPA Firm PLLC on 03/17/2021

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Energy Tax Credits Small Businesses Should be Aware of

Energy Tax Credits Small Businesses Should be Aware of

Energy tax credits for businesses are classified as a dollar to dollar deduction on a commercial organization's energy bills. It is usually done at the federal and state level....

Posted by KLSM CPA Firm PLLC on 03/05/2021

Houston TX Tax Pro for Energy Tax Credits Tax Preparer for Energy Tax Wind Fuel Cells Geothermal Solar Biofuel Electric Vehicles Alcohol Fuels HVAC
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When Does It Make Sense to Contribute to a Roth 401(k)?

When Does It Make Sense to Contribute to a Roth 401(k)?

Many people decide to have financial freedom during retirement. It might also be a good idea to take part in the 401(k) plan sponsored by the employer. This is true when you consider...

Posted by KLSM CPA Firm PLLC on 02/28/2021

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What Is The Heroes Act?

What Is The Heroes Act?

The HEART (Heroes Earnings Assistance and Relief Tax Act 2008) Acts provides tax and retirement benefits for service members who are disabled while on active service for more than...

Posted by KLSM CPA Firm PLLC on 02/23/2021

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Understanding Installment Sales Taxation

Understanding Installment Sales Taxation

When there is an installment sale for the purpose of tax, the payment for the property sale spans more than one tax year. This was one of congress's actions, which allows taxpayers...

Posted by KLSM CPA Firm PLLC on 02/17/2021

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Tax Credits vs. Tax Deductions

Tax Credits vs. Tax Deductions

There are several ways to reduce the tax burden. However, the two most popular are probably tax credits and tax deductions. While they may look the same, they are two very different...

Posted by KLSM CPA Firm PLLC on 02/09/2021

Houston TX Tax Pro for Credits Tax Preparer for Deductions Adoption Child & Dependent CTC Credit for Lifetime Learning Premium Tax Credit Saver's Credit Charity IRA Moving Medical Tax Credit Tax Deduction
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