by PSA CPA | Aug 1, 2024 |
One effective strategy to lower your tax bill is to file your taxes as Head of Household (HOH), particularly if you are a single parent or support dependents. We will go over the requirements, advantages, and filing advice for the HOH status in this Q&A style...
by PSA CPA | Aug 1, 2024 |
Do I have to report my inheritance on my tax return? Generally speaking, you are not required to record any inheritance to the IRS. The federal government does not consider inheritances to be taxable income, therefore you usually do not have to report inheritance...
by PSA CPA | Aug 1, 2024 |
One form of revenue that affects your tax return is rental property ownership. In order to help you optimize the tax benefits and develop a plan to reduce or postpone some of your taxes, let’s take a closer look at the Internal Revenue Service (IRS) tax...
by PSA CPA | Jul 1, 2024 |
It’s great news if a creditor forgives your debt, isn’t it? Such a cancellation of debt typically occurs when the statute of limitations on collecting the debt expires or when the creditor gives up trying to collect the obligation. There is a catch when it...
by PSA CPA | Jul 1, 2024 |
What is crypto staking? Staking is the process by which cryptocurrency holders participate in the validation of blockchain transactions. Staking helps to keep the ledger accurate and consistent. This verification procedure is performed by computers on a specific...
by PSA CPA | Jul 1, 2024 |
Standard accounting and tax accounting methods require different methods. If you are expecting to receive a payment, you may be required to pay taxes on it in the current period, but not exactly when the money is received. This sort of temporal disparity leads to a...
It’s interesting to see how Social Security benefits are taxed differently depending on income and location. I didn’t realize only…