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Individual Taxpayers: Year-End Tax Planning Strategies

Posted by Missy Dennis on Nov 10, 2020 8:08:00 AM

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020.

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Topics: Taxable Income, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning

Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Nov 4, 2020 8:31:00 AM

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation

Choosing a Retirement Destination: Tax Considerations

Posted by Scott Farnes on Oct 27, 2020 8:07:00 AM

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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Topics: Taxable Income, Personal Finance, Taxes, Retirement, Tax Planning, Financial Success

Tax Treatment of Virtual Currency Transactions

Posted by Missy Dennis on Oct 21, 2020 8:03:00 AM

Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes

Tax Tips for Workers in the Gig Economy

Posted by Missy Dennis on Sep 29, 2020 8:01:00 AM

The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses including two of the most popular ones: ride-sharing, Uber and Lyft, for example, home rentals such as Airbnb, and TaskRabbit.

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Topics: Taxable Income, Personal Finance, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning

It's Never Too Early to Check Tax Withholding

Posted by Missy Dennis on Sep 28, 2020 2:09:48 PM

While it probably seem like tax season just ended, it is never too early to do a "Paycheck Checkup" to make sure the right amount of tax is withheld from earnings - and avoid a tax surprise next year when filing your 2020 tax return. As a reminder, because income taxes operate as a pay-as-you-go system, taxpayers are required by law to pay most of their tax as income is received.

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Topics: Taxable Income, Taxes, Tax Planning

Small Business: Tax Consequences of Crowdfunding

Posted by Missy Dennis on May 28, 2020 8:26:00 AM

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it's often possible to raise the cash you need; the downside is that the IRS considers that money taxable income. Let's take a closer look at how crowdfunding works and how it could affect your tax situation.

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Topics: Taxable Income, Business Ownership, Taxes, Small Business

Are Social Security Benefits Taxable?

Posted by Scott Farnes on Mar 24, 2020 8:02:00 AM

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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Topics: Taxable Income, Taxes, Retirement, Social Security

How the Sharing Economy Affects Your Taxes

Posted by Taylor Bennett on Dec 19, 2019 8:16:00 AM

If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications.

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Topics: Taxable Income, Personal Finance, Taxes

Tax Treatment of Virtual Currency Transactions

Posted by Taylor Bennett on Nov 21, 2019 8:03:00 AM

If you've invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes, Record Keeping, Tax Return