Is money from crowdfunding taxable?

Raising money through crowdfunding can be a great tool to fund your business, support charitable organizations or raise money for yourself. It is a great alternative to quickly get some cash compared to other funding methods, but how does this affect your tax liability? Don’t miss: Proposed regulation creates exception to anti-clawback rule Crowdfunding sites …

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Proposed regulation creates exception to anti-clawback rule

On April 27, 2022, the IRS issued proposed regulations relating to the basic exclusion amount (“BEA”) that applies when calculating federal estate and gift taxes. The new  regulations (anti-clawback rule) would affect the estate of decedents dying after a reduction in the BEA who made certain gifts after 2017 and before a reduction in the …

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Frivolous tax arguments – don’t make them

The IRS has heard more excuses for why someone thinks they are exempt from paying taxes than your fourth-grade teacher for why another student’s homework was late (because it was never yours right?). We are a large populace with a government that taxes it’s citizens on their worldwide income. And who likes to pay taxes? …

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First-time home buyer? Talk to your CPA.

Buying a home can be a stressful process, especially if it is your first time. In a normal market, the administrative, legal, and financial requirements are enough to overwhelm even the most prepared home buyers. And as we all know, the real-estate market has been anything but normal lately. This has further increased the financial …

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Changes to the mortgage interest deduction

The pandemic sparked a home purchasing hysteria when individuals underwent a shift in their workplace dynamics and young people began their journey as first-time home buyers. While it is not exactly clear when the housing market will come down, it is as good a time as any to jog our memories on the mortgage interest …

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IRS sending overdue tax accounts to collections

You may have received or will receive a CP40 Notice from the IRS. What is it? A CP40 Notice notifies taxpayers that their overdue tax accounts have been assigned to a private collection agency. Your account may have been placed with a private collection agency tax because you met certain criteria such as the inability …

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Social Security offices reopen to the public

In another sign that the pandemic is receding, and life is returning to normal, Social Security Administration (SSA) offices reopened to the public in early April. During the height of the pandemic offices were closed and services could only be accessed online or by phone. Here’s what to expect when Social Security offices reopen. Don’t …

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What to do if you inherit an IRA

One of the hardest parts about losing a loved one is sorting out their finances during a time of grief. During those tough times, the last thing you want to worry about is making sense of the inherited IRA rules. However, if you are the beneficiary of their account, you’ll want to make decision on …

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Get your SSA-1099 online

Every January, the Social Security Administration (SSA) mails taxpayers a statement of their prior year benefits in the form of an SSA-1099 or SSA-1042. If anything happens to your original or you need another copy, you can go online and print or download one. Don’t miss: Arizona rentals and taxation As reported by SocialSecurity.gov, an …

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Arizona rentals and taxation

Are you looking to purchase a residence to use as a rental property and are unsure if you need to report and pay sales taxes to the city it is located in? Do you have other questions regarding rentals and taxation? Here is a helpful tool on the Arizona Department of Revenue’s (ADOR) website. This …

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