August 2019
The Tax Implications of Being a Winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win [...]
The IRS is Targeting Business Transactions in Bitcoin and Other Virtual Currencies
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And [...]
IRS Unveils New Tax Withholding Estimator
The IRS has unveiled its latest online tool, the "Tax Withholding Estimator." The estimator, which replaces the "Withholding Calculator," assists workers, retirees, self-employed individuals, and other taxpayers in determining how much income tax should be [...]
Taking a Long-Term Approach to Certain Insurance Documentation
After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has [...]
The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some [...]
Take a Closer Look at Home Office Deductions
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you [...]