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 […]
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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
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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 »
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
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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
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Federal tax rates are the rates at which the U.S. government taxes income. These rates are progressive, meaning the more you earn, the higher the percentage of income that gets taxed. Understanding these rates is crucial for individuals and businesses alike, as it impacts how much you owe to the government and how much you take
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Minimizing capital gains taxes involves strategies that help reduce the amount of taxable income from the sale of investments or assets. The goal is to legally reduce your taxable capital gains or defer them to a later time when you might be in a lower tax bracket or facing lower tax rates. Here are some common strategies
How Can You Minimize Capital Gains Taxes? Read More »
Tax season is here, and whether you’re managing an S Corporation, Partnership, or LLC, it’s essential to stay ahead of the deadlines. Filing your taxes accurately and on time isn’t just about complying with regulations – it’s about safeguarding your business, avoiding penalties, and taking advantage of opportunities to maximize your deductions.
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Small Business B&O Tax Credit: Reduces B&O tax for small businesses with gross receipts under a certain threshold. R&D Tax Credit: Encourages innovation by providing credits for qualified research and development activities. Renewable Energy Investment Credit: Offers incentives for businesses investing in renewable energy systems like solar or wind. Manufacturing/High Tech B&O Tax Credit: Reduces B&O
Washington State Tax Credits for Businesses Read More »
