See the US Tax System Illustrated in One Complex Map

Not sure whether it’s worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you’ll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer…

Employee Stock Options Can be Taxing

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If you are an employee of a corporation, as an incentive to continue employment, the company may offer you the option to purchase shares of the corporation at a fixed price at some future date so that you can benefit from your commitment to…

Tax Issues Related to Hobbies

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Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. Tax law…

What Are the Tax Advantages of Homeownership?

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Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding…
How to Write Off Worthless Stock

How to Write Off Worthless Stock

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If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business. Gains and losses for securities, including stock,…
Foreign Account Reporting Requirements (FBAR)

Foreign Account Reporting Requirements (FBAR)

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U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at…
The IRS Is Cracking Down on Cryptocurrency Tax Transactions

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

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The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational”…
Receiving Tips Can Be Taxing

Receiving Tips Can Be Taxing

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Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters;…
August 2019 Individual Due Dates

August 2019 Individual Due Dates

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August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required…
Does Your Tax ID Number Need to be Renewed?

Does Your Tax ID Number Need to be Renewed?

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According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment obligations under U.S.…