Investors in cryptocurrency will possibly face higher taxes due to the Infrastructure Bill which will crack down on future IRS reporting. Investors will be required to disclose yearly cryptocurrency activities by checking a box on their tax returns. Due to the complicated and lengthy rules coming out of Washington, most filers haven’t a clue what […]

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Beware – if you are making more than $600 a year in transactions and using a cash app for business, the IRS wants to know. PayPal, Venmo, or CashApp are examples of various apps.  Beginning as of January 1, 2022, the American Rescue Plan Act of 2021 has modified the IRS reporting requirements from $20,000 […]

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Taxing Capital Gains

Capital Gains

When you make a good investment know it will be followed by a tax. Taxes on capital gains are imposed on lucrative stock trades, real estate deals, and can be used for sales of businesses, art, collectible cars, gold, and other assets. At large, investors are taxed on the difference between what they paid for […]

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As of July, millions of American families with children have been receiving monthly checks from the enhanced child tax credit. That said, there are some important dates that you should be aware of as you are eligible for these tax credits. This is even more important if you want to opt-in or out of receiving […]

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Possibly you and your spouse filed jointly claiming your child for a child care credit on your 2020 tax return so you could work or find work. In order to do so, your child must have been under the age of 13 when care was being provided. In 2021, for people living in the U.S […]

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Child Tax Credit 2021

Over 35 million households in the U.S are getting monthly payments for their 2021 child tax credits. What many do not realize, they could end up owing the IRS next year. How Much Can You Expect For This Year’s Child Tax Credit & What Is the IRS Sending? The maximum child tax credit for 2021 […]

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Taxpayers who earned less than $150,000 in modified adjusted gross income may exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers.  For those taxpayers who already have filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable […]

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Second Stimulus Payment

second-stimulus

Millions of second-round Economic Impact (Stimulus) Payments are being made via direct deposits, paper checks, and prepaid debit cards. The IRS is supposed to distribute all payments by Friday, Jan. 15, 2021. Eligible taxpayers who didn’t receive their payment will need to claim it on their 2020 tax returns.

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Out of state

If you’re working remotely during the pandemic, next year’s tax season could get complicated if you’re sheltering in place in a different state. That’s because some states tax income earned while there even if you primarily reside and work in a different state. For example, if you live in New Jersey but are working remotely […]

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Retirement Income CARES Act

The Internal Revenue Service has announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has […]

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