The IRS views digital currency as property. Therefore, the applicable tax code for cryptocurrency is typically the portion of the code that relates to capital gains or losses. However, some transactions involving digital currency may be treated as income for the owner. Now that Bitcoin and other forms of digital currency have gained in popularity, and increased substantially in value, the IRS is interested in ensuring that taxpayers report cryptocurrency correctly.
The deductions you may take for interest on your boat loan has changed somewhat since the Tax Cuts and Jobs Act (TCJA), but the deductions have not been eliminated. Below is a brief discussion from Maryland tax attorney, Steve Thienel, of some changes in the tax reform bill that impacts interest deductions for a boat. If you follow the current rules in the Tax Cuts and Jobs Act, you may still benefit from certain deductions.
Individual Retirement Accounts (IRAs) are used by many people to save for retirement because of the benefits of contributing to IRAs while you are working. However, if you want to access the money in your IRA before age 59 ½, you may owe taxes on the withdrawal, in addition to the hefty 10 percent penalty for early withdrawals.
Garnishments, seizures, and federal tax liens are just a few of the aggressive collection efforts the IRS may take to collect back taxes. A Maryland tax attorney can help you avoid aggressive tax collection efforts. Handling issues related to back taxes without legal counsel could cause the IRS being tougher on you than is necessary.
A Maryland tax attorney can do many things for clients. We are not only called upon when someone has a problem with the Internal Revenue Service (IRS) or other taxing authority. A tax attorney can help you with all matters related to personal and business taxes with two goals in mind – reducing your tax burden and preventing an audit.
Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.
Several events should trigger a review of your estate plan, such as the birth of a child, a divorce, or the death of an heir. Another reason to review your estate plan is a change in the tax code. When Congress passed the Tax Cuts and Jobs Act (TCJA), I received numerous calls from clients with questions about how the changes to the federal tax code impacted their estate plans.
The signing of the Tax Cuts and Jobs Act the end of the year ushered in several changes to the US Tax Code. Even though tax day comes at around the same time each year, many companies still scramble to get everything in at the deadline since going through receipts, bank statements, and other documents can be a time-consuming and tedious affair. Proactive tax compliance can often make tax preparation a less-stressful affair. In addition, avoiding these four tax mistakes can save you time, money, and stress over the next few years.
As a business owner, you will most likely have people working for you at some point in your company’s existence. These workers can either be employees or independent contractors. How they are classified makes a significant impact on their rights and protections. Contrary to what many business owners believe, it is not the title you give that determines whether a person is an employee or independent contractor - it is the working relationship you that you share.