An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips:
Realty Speak Real Estate Podcast: 1031 Like-Kind Exchanges
Don’t miss this episode of the Realty Speak podcast, featuring Bob Russo!
10 Tips to Help You Start Saving for Retirement
It’s never too late to start, but the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year’s gains – that’s the power of compounding – and the best way to accumulate wealth. These ten tips will help you get started:
Advance Child Tax Credit Payments Start This Month
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to know:
What Is Backup Withholding Tax, and How Does It Work?
Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you should know about backup withholding:
Six Steps to Protect Against Taxpayer Identity Theft
Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should do everything they can to prevent identity theft.
The hard facts: You will be Taxed on Cryptocurrency Hard Forks!
What is a hard fork?
A hard fork in blockchain technology is a radical change to a network’s protocol and requires all users to upgrade to the latest version of the protocol software. The change makes previously invalid blocks and transactions valid — or vice-versa.
The IRS is interested in your Cryptocurrency activities!
No matter what your attitude or comfort level is about cryptocurrency, it has become mainstream in a relatively short time.
What has gained the keen interest of the IRS is the meteoric rise of bitcoin’s price (before its recent descent) and the increased acceptance of bitcoin and other cryptocurrencies as forms of payment. Bitcoin can now be used to buy much more than you might think.
New York Pass-Through Entity Tax
The State of New York recently passed a new pass-through entity tax as a work-around for the State and Local Tax Deduction cap of $10,000.
How Teleworking Is Changing Your Tax Obligations
As the COVID-19 pandemic persists, many employers continue to encourage or require their employees to work from home (i.e., telework). These remote working arrangements have tax implications. Here’s how they could affect you.