Tax Tips

What to Do If You’re Faced with an IRS Audit (8 Tips)

“I hoped this day wouldn’t come…but I need help with an IRS audit.”

Picture this: you own a small business. You just sent out invoices a week ago, and the checks are rolling in. As you walk to the mailbox, you have a smile on your face. You pull out the mail and see a half dozen checks…and an envelope from the IRS?

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Harvest Loss Taxes Loophole on Crypto

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

ALERT: THE BIDEN INFRASTRUCTURE BILL INCLUDES PROVISIONS THAT INCREASE THE REPORTING REQUIREMENTS FOR CRYPTOCURRENCY TRANSACTIONS. CONTACT US FOR MORE INFORMATION

When it comes to tax losses on bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.

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A Tax Checklist for Newly Married Couples

Summer is wedding season — even during a pandemic — and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples:

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Choosing a Payroll Service Provider

When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.

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Repaying Deferred Social Security Tax

The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by December 31, 2022.

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Which Educator Expenses Are Tax Deductible?

Which Educator Expenses Are Tax Deductible and Which are Not?

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel — even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.

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It’s Hurricane Season: 5 Steps to Safeguarding Tax Records

With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornadoes, severe storms, flooding, wildfires, and an earthquake. Individuals, organizations, and businesses should take time now to make or update their emergency plans.

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