Taxpayers who exchange cryptocurrency may receive a letter this month from the IRS regarding reporting issues. Due to the increase in popularity of cryptocurrency, the IRS is drawing its attention to taxpayers who may not accurately report or fail to report income and not pay taxes related to those transactions. The IRS began sending out… Read more
Retirement Withdrawal Strategies
Are you retired or thinking about it? That probably means you are preparing to transition from a regular paycheck to drawing income from your investments. Don’t forget—taxes will follow you wherever you go. Creative tax strategies are just as important during retirement as they are when saving for it. Many retirees spend most of their… Read more
Tax-Savvy Retirement Planning
With over 70 million baby boomers in the United States, how many are celebrating their 65th birthday every day? Retirement is right around the corner for many. Are you prepared with a tax-savvy retirement plan? While many boomers are rewriting the rules of retirement and working well into their seventies, there will come a time… Read more
Decrypting Cryptocurrencies
What are cryptocurrencies? The news is teeming with excitement about cryptocurrencies, whether it be Bitcoin, Ethereum or one of the many other types of cryptocurrency. With the increasing popularity of this unregulated currency, it has not only garnered attention from the public but also the government, and thus the IRS. Even though cryptocurrencies are unregulated,… Read more
Tax Benefits of Vacation Rentals
In light of recent news on the regulation of vacation rentals, it is important to know about their taxability—why they are beneficial for both revenue and losses and how to remain compliant with tax laws while taking advantage of these benefits. Since Airbnb began in 2008, there are now over 1,130 vacation rentals available in… Read more