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Author: taxsecretsblog

Freshen Your Finances: QuickBooks Spring Cleaning Tips

As the season changes and springtime approaches, it’s not just your home that could use a good cleaning. Your financial records, especially in QuickBooks, could benefit from a little spring cleaning too. With tax season in full swing and the start of a new fiscal

The Tax-Filing Deadline Is Drawing Near

Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2020 Tax Year Missing Information As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file

Can’t Pay Your Taxes? Here Are Some Options

Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund

Biden’s Tax Agenda

Article Highlights: Capital Gains Medicare Tax High Wealth Minimum Tax Top Marginal Tax Rate Corporate Tax Rate Corporate Minimum Tax Global Minimum Tax Basis Step-Up Carried Interest Stock Buyback Tax Executive Compensation Private Jets Like-Kind Exchanges Cryptocurrency Losses Cryptocurrency Mining Estate and Gift Taxes Oil

Unique Charitable Giving Options

Article Highlights: Charitable Deduction AGI Limitations Donations of Unused Employer Time Off Contributions of Appreciated Assets IRA to Charity Contributions Non-cash Contributions Avoiding Fraudulent Charities There are some unique ways to make charitable contributions that can provide tax advantages to the donor. Before deciding about

Alabama Federal Court Rules Corporate Transparency Act Unconstitutional

Article Highlights: Alabama Federal Court Decision Corporate Transparency Act Purpose Court Ruled Act Overreached Implications Financial Crimes Enforcement Network (FinCEN) FinCEN March 5, 2024, Announcement Status of Reporting Pending Appeals by the Treasury Department In a landmark decision on March 1, 2024, a federal district