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Incorrectly Reporting Cryptocurrency Transactions on Your Tax Return Can Raise Red Flags

  Is cryptocurrency here to stay, whether as a “digital asset” or an actual form of currency? At this point, only time will tell. But crypto is here now. And the IRS is zeroing in on this financial instrument. A fact that’s of genuine concern to all tax filers currently trading or exchanging cryptocurrency. Here’s what to watch out for… New Standardized Crypto Question on 2021 Tax Forms On this year’s 1040 standard form, you’ll
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How Will President Biden’s Proposed Build Back Better Plan Impact Your Taxes?

  If you’ve caught even a whiff of recent political news, you’re well aware congress is fighting it out over President Biden’s “Build Back Better” legislative proposal. A broad-based framework, Build Back Better (BBB), addresses issues ranging from COVID relief to healthcare to social services + welfare to infrastructure development to climate change + related environmental concerns. BBB discussions are technically on hiatus at the moment, pending several related votes in congress. And there’s a
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Democrats Propose Tax Credits On US-Made Electric Vehicles

  The US Congress, currently controlled by the Democrats, is considering a slew of tax incentives and tax increases amid annual federal budget negotiations. A vote is pending on a $3.5 billion budget resolution, and while the Democrats are not keen to discuss proposed tax increases (which we’ll discuss soon), they are happy to trumpet possible tax incentives. One of which includes a potential tax credit on the purchase of US-made electric vehicles. So, what’s
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How Will President Biden’s Tax Plan Impact Your Business?

In my last eNewsletter, I specifically addressed how President Biden’s proposed tax plan would impact your personal finances. But the Biden administration is also looking to make significant revisions to the business tax code, too. And if you’re a business owner, you’re probably wondering how Biden’s plans will impact your business? At this point, Biden’s proposal is still just that, a proposal. But here’s a brief overview of the corporate tax revisions Biden hopes to
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How Does The New Stimulus Bill Help Small Businesses?

  In my last update, I dove into the most recently passed COVID-19 stimulus bill — Officially dubbed the American Rescue Plan — specifically reviewing the key benefits this new package provides to individuals. Now, I’m shifting gears a bit to look at what the latest stimulus bill does for small businesses. It’s no secret the pandemic has ravaged a great many businesses. Countless operations have either been significantly scaled back or shuttered altogether. And sadly,
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Tax Prep Q&A

  It’s that time of year again… The tax season is upon us! And with no indication of any reprieve — in the form of an extension on this year’s filing date — the Tax Man is looking for his due no later than April 15th. Which, of course, means it’s time to get your finances in order. But with the topsy turvy year that’s just passed us by, no one would be surprised if
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2020 Year-End Tax Planning

  The “final curtain” may not quite have fallen yet… But most appearances indicate Joe Biden is destined to be the 46th President of the United States. In my last couple of updates, I’ve covered how changes to the tax code under the Biden administration might impact your taxes. And again, “Might” is the operative word here… The President-Elect is facing a tough, uphill battle in hopes of passing ANYTHING in the Republican-controlled Senate. And
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Trump Vs. Biden… Which Candidate’s Tax Plan is Best for Your Finances?

  With less than a week left until the upcoming Presidential election, it’s nearly GO TIME for US voters! The “polls” still have Biden leading President Trump by a solid margin. But it’s worth noting that Hilary Clinton held roughly the same lead at this point in the run-up to the 2016 Presidential election. And we all know that turned out… Moreover, incumbent candidates have historically dominated elections in American politics, typically scoring victories over
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AB 5 Rules Relaxed For Writers + Musicians, New CARES Act Carry-back Extension, And Biden’s Tax Plan

  Following more than six months of sheer chaos, the world seems to be settling down a bit. Or course, concerns surrounding COVID-19, and its impact on the economy persist. But most folks are looking to regain some measure of “normality” (whatever that actually means going forward) in their personal and professional lives. In the meantime, a couple of important tax legislation revisions have emerged. And with the Presidential election looming, many are wondering what
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