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How is Cryptocurrency Taxed in the United States?

Cryptocurrencies have been increasing in popularity, and we are seeing more and more questions about how they are taxed. In this blog post, we will take a brief look at the current state of cryptocurrency taxation in the United States. We will answer some common questions about how taxes work for digital currency transactions and provide some tips on how to stay compliant with the tax law.

I’ve Filed a Tax Extension, Now What?

15 to file your taxes. If October 15 falls on a Holiday or weekend, the deadline will be the next business day. Most taxpayers get the extension granted as long as they file it on time, but what happens afterward is what you must know.

How to Deduct Your Home Office as a Tax Expense

If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.

The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.

Here’s what you must know about deducting your home office expenses.

5 Important Tips to be Aware of This Tax Season

Tax season is here, but it looks a lot different than before. Not only have regulations changed, but there are certain steps you should take before you file your taxes that could save you money on your tax liability.

Here are the top 5 tips to help you make this tax season easier than ever before.

Should you Opt Out of the Advanced Child Tax Credit?

Should you Opt Out of the Advanced Child Tax Credit? Part of the American Rescue Plan Act (ARPA) that was passed in March allowed for an increased child tax credit for certain taxpayers and the choice to receive 50% of the child tax credit as a monthly payment starting in July 2021 and ending in […]

Guide: Deductions for the Self-Employed

Are you Self-Employed? Here’s what you can deduct. Almost every day, one of my clients will ask whether a certain expense is deductible for their business. In general, most expenses that are reasonable and necessary to the operation of your business will be deductible. Let’s take a look at some common expense categories that all […]

CARES Act Relief: Retirement Distributions

Did you take an early distribution from your retirement account in 2020? Many of my clients find themselves with an unexpected tax liability when financial hardship, and sometimes poor planning, force them to take an early distribution from their retirement plan. Normally, taxpayers who are under 59 ½ years of age must pay a 10% […]

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