Categories for Tax Preparation

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

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

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