Six tips on making estimated tax payments

Some taxpayers may need to make estimated tax payments during the year. Here are some tips on what to consider when deciding if you should. If you do not have taxes withheld from your income, you may need to make estimated tax payments. This may apply if you have income such as self-employment, interest, dividends …

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Tax aspects of employee terminations

Although taxes are probably the last thing on your mind after losing or quitting a job, tax aspects of your changed personal and professional circumstances can be significant. Depending on your situation, the tax aspects can be complex and require you to make decisions that can affect your tax picture this year and for years …

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IRS outsourcing of cryptocurrency analysis

While most taxpayers probably haven’t been thinking much about cryptocurrency reporting requirements over the last few months (for good reason), the IRS has not forgotten about the vast number of taxpayers who are likely not reporting their cryptocurrency income, intentionally or otherwise. To the contrary in fact, the IRS appears to be ramping up their …

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Can states apply sales tax retroactively?

It has been nearly two years since the passing of the Wayfair Supreme Court case which turned the sales tax world on its head. Yet, businesses are still muddying the waters to determine if and how the economic nexus rules apply to them. For states, the holding was somewhat of a windfall, as companies throughout …

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Sourcing your income taxes: Understanding market-based sourcing

Sales tax nexus laws across the country got a fresh makeover starting in the summer of 2018 with the Supreme Court decision in Wayfair. Now, states are updating their income tax sourcing laws, hoping to lure more businesses to reside there while simultaneously gaining more tax revenues from businesses that do not. The method? Market-based …

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Here’s why you should file a tax return

Millions of Americans every year are required to file a tax return, and it’s a good idea for everyone to determine whether or not they should file a return this year. Individuals with low income may not be required to file a tax return, but it may be a good idea to file if you …

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Bad debts. Can you take the deduction?

Have you ever lent money to another person or entity and quickly realized you’re never going to get it back – either personally or from your business? First, the concern was how to get the money back. Then, the money you loaned in good faith turned out to be a bad debt. There are a …

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Understanding household employees

The concept of a household employee seems completely foreign to most people. I think it is a term that people have not heard of, but it applies to more people than you think. Here is a simple definition: a household employee is someone that is hired to do household work within your residence and qualifies …

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Arizona tax preparer pleads guilty to preparing fraudulent tax returns

Last month Roberto De La O pleaded guilty to Fraudulent Schemes and Artifices and two counts of Preparing a False Tax Returns for fraudulently preparing around 118 tax returns for 2014-2017. To increase the taxpayer’s refunds, he’d included fake W-2s or 1099-Miscellaneous for Red Home Investments that included Arizona and federal income tax withholdings The …

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