There are a few key things to know about Bitcoin for tax purposes this year. First, if you’re new to cryptocurrency, the IRS considers it “property” and it is taxed when you cash out of Bitcoin you own, or when you trade or barter cryptocurrency for any good, service or non-currency property. If … [Read more...] about Cryptocurrency and the IRS: What You Need to Know
Popular crowdsourcing websites and applications like KickStarter, GoFundMe and others have become more widely used for a variety of fundraising needs. There have been funds established for medical bills, funeral expenses, business development and product development/invention. There was even a … [Read more...] about Raising funds through crowdsourcing? There are tax implications.
If you owe taxes to the IRS and are overwhelmed by the amount, chances are, you've considered using the services of a tax relief company. These companies often advertise that they can slash your tax bill, using phrases like "pennies on the dollar" and offering free consultations. While there are … [Read more...] about Are tax relief companies worth it or is the risk too great?
When you are the target of an IRS audit, it is likely that you are going to have some strong feelings about it. Most of those feelings will not be good. Stress and worry are generally a big part of being audited, often because you really do not know what to expect, how to handle the questions you … [Read more...] about Hey IRS! You took it, but that money doesn’t belong to you
You took down the tree. You put the lights away. You made your 2016 New Year's resolutions. You have returned to your daily routine. The holiday season is long over, which means tax season has begun. While tax season can be stressful for anyone, it can be particularly nerve-racking for the many … [Read more...] about 5 steps taxpayers can take to protect against identity theft
Winning the lottery. It is something you probably dream about doing. You are certainly not alone. How would you feel if you walked into a casino, dropped your quarter in a machine and won the $8 million jackpot? Now, how would you feel if the casino took it back? That is exactly what happened to … [Read more...] about Casino takes back $8 million jackpot: do you ever keep it all?