A taxpayer who has limited resources but wishes to make a deductible charitable contribution has limited options. While the amount of volunteer charitable work cannot be deducted,...
Posted by Aurelia E Weems CPA on 10/21/2020
The Internal Revenue Service recently published new, higher contribution limits for health savings accounts for 2021. An individual is allowed to contribute $ 3,600, while it is $...
Posted by Carmen Garcia on 10/15/2020
The IRS has issued final regulations on qualifying terminated S corporations and cash distributions of such corporations after the PTTP (post-termination transition period). The final...
Posted by Aurelia E Weems CPA on 10/15/2020
How much you paid for your cryptocurrency (cost basis) greatly impacts the taxes you pay when you finally sell them. Understanding how the specific ID, first-in, first-out (FIFO),...
Posted by Carmen Garcia on 10/01/2020
Bonds are bought and sold in large quantities in the United States and around the world. Some stocks are easier to buy and sell than others, but that doesn't stop investors from...
Posted by Aurelia E Weems CPA on 10/01/2020
When it comes to taxes, people often make mistakes which are quite normal. However, when these mistakes lead the IRS to perform audits of your business or personal assets, repaying...
Posted by Carmen Garcia on 09/28/2020
You might like the challenge of doing your own taxes, but for people who do not have the time or the patience to tackle such a challenge, hiring the services of a tax professional...
Posted by Aurelia E Weems CPA on 09/25/2020
For people in the real estate business with agents that you give commissions after every sale or lease, you must report such payment on a 1099 MISC form. Your obligation as an employer...
Posted by Carmen Garcia on 09/18/2020
The Income Tax Service has classified the income of Indian citizens into five different categories, depending on their source of income. These categories mainly include homeownership,...
Posted by Tim Thompson CPA PLLC on 09/18/2020
