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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 precise)… [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]

Virtual currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. Virtual currency serves as a digital representation of value that is generally tracked through a blockchain or… [Read More]