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exclusion of certain foreign income

Exclusion of Certain Foreign Income from Your Tax Forms

We have often spoken about the difficulties taxpayers face concerning compliance with offshore income reporting requirements. This includes significant enforcement of regulations contained under the Foreign Account Tax Compliance Act (FATCA). The reporting requirements under FATCA are stringent. Not Reporting Certain Foreign Income Sometimes, however, tax authorities provide foreign asset holders a break. A recent IRS announcement concerns the …

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Your Guide to Virtual Tax Preparation with a CPA

Many Americans are working, learning, and socializing from home, and the tax season may look similar. Many tax professionals are offering virtual tax preparation and tax consulting services to support taxpayers, a trend that is likely to continue as more people are seeing firsthand the benefits of virtual interactions and transactions. Virtual tax preparation has …

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Business Tax business taxes for the first time

5 Things to Know When Filing Small Business Taxes for the First Time

Filing small business taxes may seem like an overwhelming and stressful aspect of owning a business, especially if you have just gotten up and running and still learning the ropes. It does not have to be, though. As long as you understand all aspects of your small business’s finances — including how small business taxes …

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cryptocurrency profits that must be reported in capital gains tax for cryptocurrency

How to Report Capital Gains Tax for Cryptocurrency

Cryptocurrency has become an incredibly exciting investment form that allows investors to build wealth in a unique way. As an investor, you may already be excited by the advantages that come with cryptocurrency. Unfortunately, many aren’t sure how to manage capital gains taxes on their investments.  Do you know how to report capital gains tax …

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small business owner preparing to her taxes

Tips and Taxes: Everything Your Small Business Needs to Know

Figuring out tax implications for employees who receive tips can be complicated. In 2018, there were over 2.6 million waiters and waitresses in the United States. This figure is expected to reach 2.8 million by 2028, which represents a 6 percent increase. The number of tipped workers is much higher. For example, the above figure …

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questions about taxes concept

13 Most Commonly Asked Small Business Tax Questions

According to a survey conducted by QuickBooks, 48% of business owners named taxes as the most challenging area of running a small business.  This is not unjustifiable, considering that the federal tax code is more than a million words long! That’s just as long as all of the Harry Potter books combined.  However, while tax laws can be …

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Tax Education tuition tax credit

Going Back to School Pays Off: Understanding the Tuition Tax Credit

“We don’t need no… education!” Wait a minute Pink Floyd, yes we do. In today’s economy? Most of us definitely do. I know, I know… Bill Gates dropped out of school! Mark Zuckerberg and Steve Jobs both dropped out of school! True, there are plenty of millionaires and celebrities who dropped out of college and turned out …

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deducting gambling losses from taxes

You Win Some, You Lose Some: How to Deduct Your Gambling Income & Losses from Your Taxes

Over 4.2 billion people have gambled at some point in their lives. On average, over 1 billion individuals gamble each year.  Gambling offers everyone an opportunity to gain massive amounts of cold, hard cash. Unfortunately, it can also steadily deplete your bank account! A lot of people assume gambling is a private affair. However, if you have gambled …

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Businessmen are using a calculator and using a pen to analyze data from the graph on the desk.

Emergency Tax Services

Emergency Tax Services More Tax Service Information: Facebook Linkedin Twitter Youtube Instagram Get Tax Services When You Need Them Most Are you in the cross hairs of the IRS?  There are some scary threats are all too real for you. The good news is you can act quickly and The good news is you can …

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tax audits avoiding

Ways to Avoid Tax Audits

On behalf of Silver Tax Group posted in IRS Tax Audits. It’s worth repeating that many things can trigger an IRS audit. Obviously, inaccuracies on forms, claims for deductions which you do not qualify, or the failure to report certain income will result in problems. But it would be difficult to list every type of behavior that could …

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