Article Highlights: ABLE AccountsDisabled Spouse or Dependent Care CreditMedical DeductionsHome ModificationsSpecial SchoolingNursing Services Individuals with disabilitiesas well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer … [Read more...] about Tax Benefits for People with Disabilities
Take Tax Advantage of a Low-Income Year
Article Highlights: Exercise Stock OptionsConvert a Traditional IRA to a Roth IRAMaximize IRA DistributionsSell Appreciated StockDelay Business ExpendituresRelease DependencyDelay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and … [Read more...] about Take Tax Advantage of a Low-Income Year
The IRS Is Hot on the Trail of Unreported Virtual Currency Transactions
Article Highlights: Coinbase Disclosure IRS Compliance LettersNew 1040 QuestionReporting under Penalty of PerjuryTreated as PropertyEmployee PaymentsIndependent Contractor IncomeInformation Reporting New IRS Guidance Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to … [Read more...] about The IRS Is Hot on the Trail of Unreported Virtual Currency Transactions
Cofounder Conflict Could Be One of the Biggest Threats to Your New Business
If you asked brand-new entrepreneurs to make a list of everything they think might one day pose a threat to their startup, you'd probably hear a variety of answers with similar themes. Some might be (rightfully) worried about ultimately developing a product in search of a marketplace. Others may be worried about how they're going to overcome the cash flow issues … [Read more...] about Cofounder Conflict Could Be One of the Biggest Threats to Your New Business
Year-End Tips for Charitable Contributions
Article Highlights: Watch Out for Charity ScamsTax Exempt Organization Search ToolTax Benefits of Charitable ContributionsBunching DeductionsQualified Charitable DistributionsSubstantiation As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities … [Read more...] about Year-End Tips for Charitable Contributions