Cryptocurrency is recognized by the IRS as a property and not a currency. Bitcoins are taxed similarly to stocks, even when they are used to make a purchase.
Do you know that since 2001 there have been more than 4,500 changes to the U.S. tax code? Now you know why hiring a professional to prepare your taxes is important.
"Taxation according to income is the most effective instrument yet devised to obtain just contribution from those best able to bear it and to avoid placing onerous burdens upon the mass of our people." - Franklin Roosevelt
Certain circumstances have an impact on the complexity of tax filing. Your marital status, divorce, or whether you’ve adopted a child can all make taxes more complicated if you’re left without an expert tax preparer to help you.
Audits are troublesome and stressful. No wonder nobody wants to ever go through this. It’s always a great idea to have an expert working on your behalf when dealing with tax concerns and the IRS.
Nobody likes ever having to go through an audit. But when such time does come, you can rest assured because your tax preparation and planning expert will provide you the assistance you need to prepare the paperwork and important forms.
Joyce Marcel once said, "For patriots like me, paying taxes gives a feeling of responsibility, of being part of the fabric of our country, of contributing to the common good."
Federal tax returns were not always due April 15. In 1913, March 1 was the final date; in 1918 it was March 15; and finally, in 1954 the current Tax Day was enacted.
According to the IRS, the error rate for electronically filed returns is less than 1%, while paper filers are 21X more likely to commit errors. Errors can cause tax returns to get audited or rejected. Contact our experts for tax preparation.
What is a “sin tax”? Legally called excise taxes, these “sin taxes” are imposed on alcohol, tobacco, and gambling. Rhode Island, Nevada, West Virginia, New Hampshire and Delaware account for the largest share of sin tax revenues.
According to the statistics, Americans must work 114 days into the year to afford their tax bills. It also means that workers may be neglecting a number of key deductions that could lower their overall tax burden.
As reported by the Tax Foundation, Americans collectively paid $5.2 trillion in federal, state, and local taxes in 2019. That is more than the combined cost of food, clothing, and housing.
Many workers who don't owe taxes neglect to file returns without realizing that there are some tax credits that offer refunds. For example, the Earned Income Tax Credit offers up to a $6,318 refund for those who don't owe taxes.
Do you need to pay taxes on Bitcoin profits? Yes! If you sell Bitcoins and earn a profit, this will be considered a part of your gross income and will be subject to income tax.
Before World War II, few individuals owed income taxes. About 1.1% of working-age people filed a return, and about 17% of those filers did not have to pay income taxes due to a high personal exemption.
Do you know that filing a fraudulent tax return is a felony and a form of fraud in the eyes of the IRS? It carries up to $100k in fines and up to 3 years in prison.
Did you know the first income tax in the U.S. was imposed in July 1861 to help pay for the Civil War? The current income tax system was enacted into law in 1913 before the beginning of World War I.
"Taxes are how we pool our money for public health and safety, infrastructure, research, and services--from the development of vaccines and the Internet to public schools and universities, transportation, courts, police, parks, and safe drinking water." - Holly Sklar
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Our team will show you all the options and their impact.
One of the words used most frequently when it comes to business finances is “fiscal.” While considered a synonym for financial, it actually means “pertaining to pubic revenue” and is from a Latin word that means “belonging to the state treasury,” implying a strong connection to taxes. We can help take care of your fiscal health in every sense.
Working with us is a money-saving investment. Not only are we skilled in tax preparation, we also know more about tax laws than a layperson, so we can find the legitimate tax savings that a non-professional can't.
Are the heirs to your estate on the hook for taxes when you pass? We can show you a number of legal options that will shield from the taxman what you've worked so hard to build.
Business tax preparation can be a complicated procedure, and must be done carefully, as the IRS will thoroughly check any tax returns submitted by the business for errors. A tax preparation company is always a good way to have the returns done with the smallest risk of error.
According to a report from the Government Accounting Office (GAO), individual taxpayers overpay their taxes by $400, and almost $500 million nationwide in overpayments are made because tax payers do not take all of their allowable deductions.
