Categories for Tax Preparation

Child Tax Credit 2021-2022: What It Is and How to Claim It

March 21, 2022

The child tax credit is something many taxpayers have been interested in these past few years. The following are some facts about the credit for those interested in knowing if they qualify:  What Is the Child Tax Credit? The child tax credit is a special benefit for people who care for children. A taxpayer may be eligible to receive the credit if he or she is caring for a child under the age of 17 at the end of the tax year. Currently, the government is offering advance child tax credit payments to all individuals who qualify. Most families do... View Article

Key Differences Between Personal Taxes and Business Taxes

January 31, 2022

Getting ready to file your taxes this year? If you’re filing personal taxes or business taxes, you need to understand some of the differences so that you comply with all necessary requirements. Read on to discover what separates these two unique filings, as well as tips on how to make the filing process easier. Tax forms One of the primary differences between filing business taxes and personal taxes is the form you’ll need to fill out. If you’re filing personal taxes, you’ll likely complete a Form 1040. For business owners, the situation is much more complex. If you run a... View Article

Things to Keep in Mind When Filing for a Tax Refund

January 4, 2022

Life, death and taxes: the three guarantees in life. People have been paying taxes since 3,000 BC, according to a Northeastern University article. They’ll surely be paying them for thousands of years into the future. But taxes aren’t all bad. Sometimes instead of owing money to the government at the end of the year, you get money back in the form of a tax refund. You might be asking yourself, “What do I need to know to get a tax refund check?” This article will cover some important things to know about tax refunds. Not everyone gets a refund Depending... View Article

Tax Deductions for Your Home Office

November 23, 2021

If you’re running your own business from home, you’re one of many Americans who may be eligible for a home office deduction. Some clients are concerned that they may get audited, while others are afraid they won’t qualify. If you’re eligible to take the deduction, you should—otherwise, you may be overpaying your taxes. There may be other deductions available even if you can’t claim the home office deduction. Why not take advantage of tax write-offs for working from home? Home office deductions Claiming a home office deduction can be complicated. In order to take the home office deduction, you have... View Article

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

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