You have probably heard of Bitcoin and maybe Dogecoin and Ripple. There are more than 4,500 cryptocurrencies and all of them have hidden complications. Here’s what you need to know.   Every transaction has a…

As 2021 winds down, here are some ideas to help manage your small business and prepare for filing your upcoming tax return.   Identify vendors who require a 1099-MISC and 1099-NEC and obtain their tax…

With the increased popularity of working-at-home, you may consider moving to one of the nine states that don’t impose an individual income tax. Before doing so, you should understand how each of these states raises…

The Employee Retention Credit (ERC) was introduced last year in the CARES Act as a lucrative incentive for business owners. It has since been extended and modified by both the Consolidated Appropriations Act and American…

The latest buzz word in the tech space has three little letters with huge price tags: NFT. Here’s a breakdown on what this digital asset is.   The collectibles industry used to be defined by…

The IRS is coping with a backlog of historical proportions and it is impacting millions of taxpayers. According to IRS sources, as of July 31, there are still over 13 million tax returns that are…

Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period Federal tax…

Wouldn’t it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Here are several types of income that the IRS does not tax. 1. Tax-free interest. The…