Category: Tax Tips

Crypto Loss is Disallowed? Well, this is interesting. A taxpayer whose cryptocurrency had substantially declined in value didn’t sustain a deductible loss due to the worthlessness or abandonment of the cryptocurrency. The taxpayer purchased units of cryptocurrency in 2022 for $1 per unit as a personal investment. During 2022, the value of the purchased cryptocurrency …

Taxes on App Betting in Michigan You picked the Astros to win and made some $. Your lifelong hope for Lions to win has not fared you too well in the “win” column (gluten for punishment, most Michiganders are!) With the upcoming World Cup to finish the year, you could look at a whole new …

What’s the $600 limit on Venmo for taxes? The IRS has announced third-party settlement organizations will not be required to report the tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. Instead, the reporting …

At the beginning of each year, millions of Americans spur into action to file their taxes – many fueled by fear of owing the IRS money or, more likely, motivated by receiving a tax refund.  As hard as it is to believe, at least 10% of Americans are still waiting for their 2021 tax refunds …

Am I Overpaying My Taxes? Are you one of the millions of business owners who overpay their taxes? If so, you’re not alone. According to Forbes magazine, 93% of business owners overpay in taxes every year. With the help of a dedicated CPA, we can help you minimize your tax bill! How To Avoid Overpaying …

As you likely are aware, the United States Federal Government gives out many tax credits that are designed to incentivize certain types of behavior. One example is helping people attend college or another four-year institution. For individuals like this, the American Opportunity Tax Credit may be an ideal way to save money on your taxes …

As many taxpayers have noticed, refunds have been slower than usual for the past few years. This is due to a variety of issues, including the ongoing COVID-19 pandemic and staffing shortages. Fortunately, the IRS has issued a tax refund return timeframe about when taxpayers can expect to get their refund this year. However, there …

Are you expecting a tax return this year? If so, it’s time to start considering common errors, plus one glitch concerning the child tax credit affecting some fax filers. The IRS is warning tax filers that the current backlog is already causing delays, so when filing, it’s essential that your returns are accurate to prevent …

For millions of families, one bright spot in this year’s tax season is that they can expect to get the rest of their child tax credit payments for 2021. Last year, most families received half of this, via monthly payments, with the remaining half slated for when families receive their 2021 refunds. To help things …