When it comes time to file your taxes, it can feel like there are an endless amount of forms, options, and different qualifiers. How do you know what forms you should fill out?The main form filers use is called the Internal Revenue Service (IRS) Form 1…
With the tax due date of April 17 quickly approaching, you may feel the need to scramble if you haven’t already completed your taxes. But if tax season snuck up on you this year, the good news is you can request a tax extension. That allows you an addi…
With the tax due date of April 17 quickly approaching, you may feel the need to scramble if you haven’t already completed your taxes. But if tax season snuck up on you this year, the good news is you can request a tax extension. That allows you an addi…
Your taxes are filed, so you can now breathe a sigh of relief. Right? Well, almost. After filing taxes, most people are quick to toss their records aside with little consideration. But it is just as important to file your tax records away properly as i…
If you need more time to file your taxes this year, the IRS allows you to file an extension. That gives you an extra six months to complete your return. And while filing an extension doesn’t prevent you from having to pay your tax bill by the deadline,…
If you sell stocks, Bitcoin or a large asset, such as a car or boat, for a profit, you may be on the hook to pay capital gains taxes on that income. Capital gains are broken into two categories based on the timing of their sale date. Short-term c…
If you are a U.S. resident that invested in Bitcoin or other cryptocurrencies in 2017, you may have recently received a tax document from the trading platform or cryptocurrency exchange you use and may need to pay taxes. While there is currently very l…
That’s what one taxpayer learned from the Tax Court (Toni Harris, TC Summary Opinion 2018-12). The taxpayer was a Walmart employee enrolled as an undergraduate student at a state college. She registered for 12 credits, but had to withdraw due to a fam…
Individuals with foreign financial accounts over certain thresholds must include the earnings as income on their tax returns and report the accounts annually or face serious tax penalties. In 2009, the IRS commenced a program to encourage taxpayers wh…
Individuals with foreign financial accounts over certain thresholds must include the earnings as income on their tax returns and report the accounts annually or face serious tax penalties. In 2009, the IRS commenced a program to encourage taxpayers wh…
