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The Tax Rules Around Cryptocurrency

August 10, 2021

As if IRS policies weren’t confusing enough, we now have “virtual currency” to contend with as well as traditional cold hard cash. If you’ve entered the arena of cryptocurrency, you may be asking, “How does investing in virtual currency affect my taxes?” We have answers. Here’s what to know about taxes for cryptocurrency: Capital assets: If you hold Bitcoin as a capital asset, it is treated as property for tax considerations. That means tax principles for property transactions apply. Gains and losses: If you have any gains or losses from exchanges or sales, you will be taxed on these transactions... View Article

Everything You Need to Know About the New Child Tax Credit

July 27, 2021

New tax policies can seem overwhelming or confusing. Since the new child tax credit is a significant change, parents must educate themselves on how to take advantage of this new policy. Understanding the new child tax credit in 2021 can make a significant impact on your income this year. Here’s what to know about the 2021 child tax credit. What it is A tax credit is an amount subtracted from the total income taxes you must pay to the IRS. As of July 15, parents may be eligible to receive an advance tax credit for each of their children. This... View Article

What Happens If You Don’t File Taxes?

July 15, 2021

Tax season is the most dreaded time of year for many Americans. Not only is the process confusing, but it can also result in owing the government a significant amount of money. The tax deadline was extended by about a month in 2021, but we’ve encountered some folks who still neglected to file their taxes. If a missed deadline applies to you, keep reading. This post will cover the different penalties the IRS can impose if you fail to file your taxes or pay your tax bill on time: Fines: The first action the IRS takes is imposing some fines.... View Article

Tips for Filing Your Taxes for the First Time

July 1, 2021

It’s said that death and taxes are the only two certainties in life. Hopefully, death is a long way off for us all, but tax season comes around each year! We know that filing taxes can be confusing, and it’s even worse if you’ve never done it before. The good news is that we’re here to ease the filing burden. Keep reading to learn a few tips on how to navigate the world of taxes. See if your parents are claiming you The first tip in filing your taxes is to talk to your parents to see if they’re claiming... View Article

1099-MISC, 1099-NEC or 1099-K: What’s the Difference?

June 3, 2021

Being self-employed comes with plenty of perks, but it can also make tax time a bit of a nightmare. Depending on how you’re paid, you might get 1099-MISC, 1099-NEC or 1099-K forms in Union City, NJ. What’s the difference between these forms? Read on to learn more about which tax forms are used for which types of compensation. Do you get 1099-MISC, 1099-NEC or 1099-K forms? Tax forms have changed a little for tax year 2020. If you’re a freelancer or consultant who has earned over $600, you can expect to see your earnings on a 1099-NEC (non-employee compensation) form,... View Article

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