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- November 26, 2021
Do I Have to Report Foreign Bank Accounts When I File?
In today’s article we are going to discuss the reporting requirements of for foreign accounts held by taxpayers. There are two different forms that possibly need to be filled out by a taxpayer holding a foreign account. These two different forms have different requirements for who needs file. These two forms are the FATCA Form […]
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- June 24, 2021
Explaining Capital Gains and Tax Rates
During a very tough 2020 year for many, it seems that the values of properties have skyrocketed in many forms. Property is not just relating to real estate or real property. The IRS considers property anything owned by a person or entity. Property is divided into two types: real property is any interest in land, […]
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- June 23, 2021
An Introduction to Backup Withholding
Is your income subject to something called backup withholding? If you think you may be in this category, it’s important to understand what to expect. If you think you can avoid payments to the IRS, think again. The Internal Revenue Service has a plethora of tools to make sure taxes are reported correctly and paid […]
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- June 22, 2021
Taxable Income: What You Should Report to the IRS
A quite common question that I hear a lot of is “Do I have to file taxes on my income?”. This question comes from a lot of different types of people. The confusion comes because some income is taxable, and some income is not. Also, for low-income earners there are minimum filing requirements. This can […]
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- June 18, 2021
A Guide to Paying Taxes on Cryptocurrency
With the new craze of investing in cryptocurrency sweeping the world, questions arise about if they are taxed. The answer is yes. In this article today, I will discuss the laws that are laid out for how cryptocurrency is being taxed. I will then go into the importance of reporting all crypto transactions and how […]
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- June 15, 2021
A Guide to Where Tax Money Goes
Every time you receive a paycheck, I am sure you see a nice portion of it being taken by the federal & state governments. If you do not have that money withheld on a paycheck you really notice when tax time comes, and you owe a good amount of money to the IRS. We all […]
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- June 1, 2021
What the IRS Considers as Tax Evasion
In the tax industry when clients first start dealing with the IRS there is always the fear and question “Am I going to jail?”. The truth is that very few people go to jail for tax evasion. The IRS mainly targets people who understate what they owe by either under-reporting income or misreport credits or […]
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- March 30, 2021
FAQs: Stimulus Checks and Taxes
Your taxes determine whether you get a stimulus check or not, even if you do not file at all. Below are some commonly asked questions about stimulus checks and how they may or may not affect your tax return. What do I need to qualify for a stimulus (or economic income payment) check? You need […]
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