IRS

The Tax Cuts and Jobs Act was passed two years ago, and tax attorneys and accountants have spent that time looking for new tax breaks and other strategies for reducing your tax liability. Basically, reducing your tax liability involves maximizing your potential deductions and tax credits while reducing the amount of your income that iscontinue reading…

The IRS has announced inflation adjustments in dozens of areas, some prompted by the Taxpayer First Act of 2019. Taxpayers should use the new amounts when planning for their 2020 taxes. For example, starting in 2020, the penalty for failing to file a return goes up to $330. The change with perhaps the most impactcontinue reading…

The Tax Cuts and Jobs Act was signed into law in December 2017. One of the more notable things the law changed was the increase to the standard deduction, which made it unnecessary for most people to itemize their deductions. It also increased the child tax credit and lowered some tax rates. Supporters of thecontinue reading…

Many investors in Bitcoin and other virtual currencies have been confused about how those investments are taxed. As we’ve noted before on this blog, cryptocurrency gains are taxed like capital gains. That means that you’ll need to keep detailed records on what you paid and what you got when you sold the virtual currency. Youcontinue reading…

If you’ve won or settled a lawsuit this year, you need to be aware that some kinds of awards and settlements are taxable. Moreover, you will be taxed on the entire award or settlement, even though 30% or 40% may have gone to your lawyer. The Tax Cuts & Jobs Act increased the tax ratecontinue reading…