Cryptocurrency has become an increasingly popular investment, but with it comes the responsibility of understanding its tax implications. Whether you have bought, sold, or simply traded cryptocurrency, it is essential to understand how the IRS views these transactions and what your reporting requirements are. The IRS treats cryptocurrency as property, not currency. This means that any […]
Cryptocurrency and Its Tax Implications Read More »
As we move through the year, it is important to stay on top of your tax obligations to avoid any surprises down the road. If you’re self-employed, a small business owner, or someone with significant income that is not subject to automatic withholding, this reminder is for you. If you have not already made your
2nd Payment Period for Estimated Tax Payments Read More »
The IRS has ramped up its enforcement efforts, and this means more letters and notices are being sent out to taxpayers. These communications may relate to a variety of matters, such as: unreported income, missing or incomplete tax filings, outstanding balances, verification requests, etc. The increase in IRS activity could mean you might receive one
IRS Enforcement Activity on the Rise – What You Need to Know Read More »
Filing on time is essential to avoid penalties and interest on any owed taxes. Check here for the obligations and/or filings that must be made during the month of May.
Your Tax Timeline: Upcoming Due Dates and Deadlines for May Read More »
The Health Insurance Marketplace is managed by the federal government or individual states. It’s especially valuable for those who don’t have access to employer-sponsored insurance or other coverage options. However, this type of insurance can have tax implications that you need to be aware of: Premium Tax Credits (Subsidies): If your income is between 100% and 400%
Health Insurance Through the Government Marketplace: What It Means and Tax Implications Read More »
National Small Business Week is the perfect time to honor the incredible contributions that we, as small businesses, make to our economy. According to the U.S. Chamber of Commerce, small businesses employ nearly half of the American workforce (representing 43.5% of the U.S. Gross Domestic Product), foster innovation, and create jobs that drive local economies.
Celebrating National Small Business Week (May 4th-10th, 2025) Read More »
As a business owner, your hard work and financial investments deserve to be safeguarded. Asset protection and privacy are essential elements in maintaining the integrity and success of your business. Whether you’re a sole proprietor, part of an LLC, or running a larger corporation, understanding how to protect your assets and maintain your privacy can
Protecting Your Business: Asset Protection & Privacy Strategies Read More »
April 15th is just around the corner, and it’s time to get your taxes filed! Filing on time is essential to avoid penalties and interest on any owed taxes. Whether you’re filing an individual return, business taxes, or making estimated payments, don’t wait until the last minute. Make sure to file by April 15th and
Your Tax Timeline: Upcoming Due Dates and Deadlines Read More »
Taxes must be paid as you earn or receive income during the year, either through withholding (Form W-2) or by paying Estimated Taxes (Income as a Business Owner and/or Self-Employed). If you owe or paid taxes for the 2024 tax year, the IRS will likely require you to pay Estimated Taxes for this quarter! Who
Quarter 1 2025 Estimated Tax Payments Read More »
While a mismatched TIN and name may not always result in fines, it can cause delays, issues with refunds, and potential penalties for businesses and individuals. It’s crucial to ensure that the information on your tax forms is accurate and up to date. If you want to learn about IRS Notices CP2100 or CP2100A, click
Mismatched TIN and Name Can Lead to Penalties Read More »
