Hand Drawing Money
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Foreign Account Reporting Requirements

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…
Bitcoin

The IRS Is Cracking Down on Cryptocurrency Tax Transactions

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”…
Tax Due Dates

August 2019 Individual Due Dates

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…
Money Tree

Minimizing Tax on Social Security Benefits

Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the…

The Best Ways to Maximize Your Savings for Retirement

According to one recent study, the vast majority of Americans who are between the ages of 55 and 64 say that they have only saved, on average, about 12% of what they’ll need to live out their retirement years in comfort. Things have gotten…

What You Need to Know about Student Loan Interest

If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on government student…
Cash Flow

All the Expert Tips You Need to Properly Manage Cash Flow for Your New Business

In the largest possible sense, handling the cash flow for your new business is exactly what it sounds like ‒ you’re trying to get the clearest level of visibility into “money coming in versus money going out” as possible. But managing…
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Get Those Kids a Job, and Take Advantage of Tax Breaks

Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie…
Woman in Home Office

Small Business Owners May Qualify for a Home-Office Deduction

“Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the following must apply to be able to deduct home office expenses. The home office: Must be…