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Tax Consequences of Crowdfunding

Article Highlights: Crowdfunding Sites Gifts Charitable Gifts Business Ventures SEC Registration Crowdfunding Scams Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. Several sites host money-raising projects for fees generally ranging from 5 to 9%, including GoFundMe, Kickstarter, and

Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider

It can be logical to assume that because you've moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical... but it is also incorrect. Nearly all United States citizens must file a Federal Tax

How Does Code Section 1244 Affect Stock Sales And How Can You Take Advantage Of It?

Article Highlights: Section 1244 Ordinary Loss Versus Capital Loss Sec 1202 Gain Exclusion Small Business Corporation Written Corporate Resolution Documentation Starting a small business can be a risky undertaking and Internal Revenue Code Section 1244 provides special tax treatment to the disposition of certain qualifying

Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit

Article Highlights New 2023 Clean Vehicle Rules Income Qualifications MAGI Limits New Clean Vehicle Credits U.S. Department of Energy Index of Qualifying Vehicles Previously Owned Clean Vehicle Credit IRS Index of Qualifying Previously Owned Clean Vehicles Definition of a Qualifying Previously Owned Clean Vehicle Qualifying

Reconstructing Individual Tax Records

Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost

Warning Signs That You Should STOP Managing Your Own Books

On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to

The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond

When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax

Eldercare Can Be a Medical Deduction

Article Highlights: Incapable of Self-Care Assisted-Living Facilities Meals and Lodging Home Care Nursing Services Caregiver Agencies Household Employees Employee Retirement Plan Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or

Tax Exempt Organization Filing Deadline Approaching

Article Highlights: Information Filing Due Dates Calendar Year Nonprofit Fiscal Year Nonprofits Which Form To File Extension of Time to File Late Filing Penalty Failure To File For 3 Years State Filing Requirements Most organizations exempt from income tax under section 501(a) must file an

Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid

To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number of industries

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Author: taxsecretsblog

Tax Consequences of Crowdfunding

Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider

How Does Code Section 1244 Affect Stock Sales And How Can You Take Advantage Of It?

Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit

Reconstructing Individual Tax Records

Warning Signs That You Should STOP Managing Your Own Books

The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond

Eldercare Can Be a Medical Deduction

Tax Exempt Organization Filing Deadline Approaching

Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid

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