You may have noticed that there is a virtual currency, or “cryptocurrency”, question at the top of your 2021 tax return. It asks, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest Read more…
Rent is any amount paid for the use of property that a small business doesn’t own. Typically, rent can be deducted as a business expense when the rent is for property the taxpayer uses for the business. Here are some Read more…
Even though the IRS issues most refunds in less than three weeks if you file electronically and choose direct deposit, some refunds may take longer to process. Many different factors can affect the timing of a refund after the IRS Read more…
The term “kiddie tax” was introduced by the Tax Reform Act of 1986. The kiddie tax rules are intended to keep parents from shifting their investment income to their children to have it taxed at their child’s lower tax rate. Read more…
The IRS is currently dealing with a huge backlog of tax returns, and stories are rampant of delayed responses to returns that have been properly filed. How can you avoid these problems and receive your tax return as quickly as Read more…
The deadline for filing your tax return is April 18 for most people this year (due to the Emancipation Day holiday in Washington, DC falling on April 15), but if you are expecting a refund this year, you will probably Read more…
The Internal Revenue Service announced on January 26 that all third-round Economic Impact Payments have been issued. While some payments of the Economic Impact Payments from 2021 may still be in the mail, the IRS is no longer issuing new Read more…
The IRS announced that it will issue information letters to Advance Child Tax Credit (CTC) recipients starting in December and to recipients of the third round of the Economic Impact Payments (EIP) at the end of January. Using this information Read more…
The IRS issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2022, the standard mileage rates for the use of a car Read more…
For many people, the end of the year is a time to review charitable gifts that have already been made during the year and to consider making additional charitable gifts before the tax year ends. If you are one of Read more…