Article Highlights: Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods & Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments As our world has become more and more “digital,” it was only a matter of time before […]
Article Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you […]
Article Featured on CNN Money If the thought of filing your taxes gives you heart palpitations and sweaty palms, fear not. Yes, taxes can be complicated. But the more you understand, the smoother the process will go. Familiarizing yourself with these common tax terms should make hitting the April 17 deadline a little easier: The forms: 1040, […]
Article by Rob Mandelbaum | Found on Forbes Business 101 teaches that entrepreneurs must begin almost immediately to build company credit. That advice has always rankled a certain breed of DIY business owners, the ones who find debt of any kind anathema. Now, though, a new study demonstrates that borrowing money confers a huge advantage on […]
Article by Anna Bahney | Found on CNN Want to find some real savings in your budget? Cutting out lattes and avocado toast probably isn’t the way to go. Housing, transportation and food: that’s what Americans spend almost 70% of their money on, according to the Bureau of Labor Statistics. Sure, you can always cut back on […]
Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December 2017, could affect you, your business or your family, in both 2018 and future years. This series offers […]
Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax […]
Article Highlights: Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to […]
Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business, […]
Article Highlights: Seriously Delinquent Tax Debt Exceptions Passport Denial or Revocation As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State […]