Donations to charity are more than just acts of kindness; they can also enable you to save money on your taxes. Donating cryptocurrencies that have risen in value can allow you to bypass capital gains taxes, reduce other taxes, and aid the charities that matter most...
Now that the initial tax deadline has passed, If you did not complete your tax return, you ought to have submitted Form 4868, Application for Automatic Extension of Time to File, with the IRS. The extension offers you an additional six months to file your tax return,...
Are you putting off filing your taxes? What occurs if you fail to pay on time? The 2022 tax deadline of April 18, 2023 is less than three weeks away. The IRS anticipates that the majority of individuals will have submitted their returns by this date. Those who do not...
President Biden passed the $1.66 trillion Consolidated Appropriations Act on December 29, 2022. The SECURE Act 2.0 of 2022, which incorporates a variety of tax measures linked to retirement, is included in the 4,155-page law. Let’s go through the highlights: Automatic...
In general, revenue from renting a vacation house for 15 days or more has to be recorded on Schedule E, Supplemental Income and Loss, on your tax return. You should also be aware that the term “vacation home” does not always refer to a dwelling. The IRS considers...
