You don’t have to pay income tax on the economic impact payments. That’s right, the stimulus payment is technically a tax credit. However, they could indirectly affect what you pay in state income taxes in a handful of states, where federal tax is deductible against state taxable income. You don’t need to report the payments… [Read More]
Even if you File an Extension, You Must Still Pay Your Income Tax in Full by the Tax Deadline Need more time to prepare your federal tax return? Traditionally, federal tax returns are due on April 15 or the first business day thereafter. However, the IRS does grant you an automatic extension to file your… [Read More]
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences… [Read More]
The $1.9 trillion aid package that President Joe Biden signed into law in March temporarily expands the child tax credit. For the 2021 tax year, the credit is upped to $3,000 per child age 17 or younger and $3,600 for children under the age of six. That’s up from the original $2,000 child tax credit… [Read More]
Here’s the latest timeline on when you might see the money and what to do if you haven’t received it yet. The IRS has started processing and sending out stimulus checks for millions of Americans after President Joe Biden signed the $1.9 trillion coronavirus relief package. Refer to Third Economic Impact Payment. But it could… [Read More]
QuickBooks Online allows you to invite different users through the Manage Users page. If you’d like to give us, Daniel Ahart Tax Service®, access to your company, see the steps below. Sign in to QuickBooks Online (QBO). Select the Settings ⚙️ icon then Manage users. Select Accounting firms. Select Invite. Enter the accountant’s name and… [Read More]
The stimulus payment is technically a tax credit The economic impact payment, as the IRS calls it — reduces your income, which reduces the amount of tax you owe. To illustrate this, if you had $50,000 in income and had a $5,000 tax deduction, your deduction would reduce your taxable income by $5,000. Do I… [Read More]
If you’re in line for a stimulus payment, here’s why you shouldn’t wait to file your taxes on May 17: As we informed our readers in a previous blog, the IRS announced in March that it was extending the tax deadline from April 15 to May 17. The additional month (32 extra days to be… [Read More]
You can calculate the capital gains/losses on your crypto transactions with the use of a simple formula: Fair Market Value (FMV) – Cost Basis = Capital gain or loss Where: FMV = the price that an asset, such as cryptocurrency, would sell in the open market to a willing buyer. Cost basis = The amount… [Read More]
For the second year in a row, you have additional time to file your federal taxes. The Treasury Department and Internal Revenue Service announced on March 17, 2021 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021…. [Read More]
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