Exchanging a cryptocurrency for another, converting it back to USD or spending cryptocurrency are taxable events. Gains and losses on all individual trades must be reported to the IRS and are subject to capital gains tax.
Four Food Industry Accounting Efficiencies
Like many industries, food industry folks can benefit from some simple yet effective strategies that stress organization and efficiency. And while they may seem tedious or pesky, they can make your business more profitable and less stressful in the long term. Some of these tips are “one and done!” Others require more time and attention, but they are all incredibly helpful in making sure you’re on top of the financial part of your business.
New W-4 Form:Released In Time For 2020 Tax Year
the tax year is more complicated than it used to be. If you were surprised to find you owed taxes this year, or received a lower-than-expected refund due to the new tax laws, you’ll want to read this. The Internal Revenue Service is changing how you adjust your paycheck withholdings, and it’s more complicated than it used to be. In … Read More
Clarifying the changes to the 2018 child tax credit
The Tax Cuts & Jobs Act of 2017 (TCJA) ushered in sweeping changes that continue to reshape the tax landscape, particularly for divorced, separated, or unmarried parents. Among the most significant shifts: the elimination of the dependency exemption for children, long a key point of negotiation in custody disputes. Beginning with the 2018 tax year, the exemption was reduced to … Read More
Clarifying the changes to the 2018 child tax credit worksheet
The passage of the Tax Cuts & Jobs Act in late 2017 marked a turning point for family-related tax provisions. One of the more consequential adjustments was the elimination of the dependency exemption for children—effective beginning with the 2018 tax year. For divorced, separated, or unmarried parents, this removed a significant tax lever once used in support negotiations. To counterbalance … Read More
Tax Surprises
No one thinks writing a check to the IRS is fun. If you have been following the news lately, you have probably heard about people who have already filed their tax returns and got a big surprise – a smaller refund, no refund or ended up owing the IRS. No one thinks writing a check to the IRS is a … Read More