U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at…
The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational”…
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Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters;…
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August 12 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required…
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If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on government student…
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“Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the following must apply to be able to deduct home office expenses.
The home office:
Must…
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According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019.
ITINs are used by people who have tax filing or payment obligations under U.S.…
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According to a recent study conducted by U.S. Bank, over 80% of all newly formed businesses that ultimately fail do so due to cash flow problems. If you needed a reason to believe that getting your spending in order and dedicating the time…
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If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years.
The…
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A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married…
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Foreign Account Reporting Requirements (FBAR)
Foreign Taxes, TaxesThe IRS Is Cracking Down on Cryptocurrency Tax Transactions
2018 Tax Laws, TaxesReceiving Tips Can Be Taxing
Tax Tips, TaxesAugust 2019 Individual Due Dates
Business, Due Dates, TaxesWhat You Need to Know about Student Loan Interest
Interest, Student LoansSmall Business Owners May Qualify for a Home-Office Deduction
UncategorizedDoes Your Tax ID Number Need to be Renewed?
Business, TaxesHow to Organize Spending Priorities for Your Newer Growth Startup
Business, Business Development, Self-Employment, Small Business, StartupFacing a Huge Gain from a Realty Sale?
Real Estate, TaxesHow to File Taxes After Saying “I Do”
Tax Planning, Tax Tips, Taxes