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tax responsibilities for cryptocurrency

How Should You Report Cryptocurrency on Your Taxes Next Year?

By Accounting Advice, Small Business Advice

Cryptocurrency or “crypto” is a digital form of exchange, not a physical currency. In this form of exchange, values and transactions are stored online in databases that use strong cryptography to secure transaction records, verify the transfers of ownership, and control the creation of additional crypto. The records are maintained by a decentralized system instead of by centralized authorities.   The idea of cryptocurrency has been around for many years, but the concept became reality in 2009 with the launch…

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How This Year’s Tax Return Can Help Next Year’s Tax Filing

By Accounting Advice

Good tax results come from good tax planning. And it’s simply the truth that this year’s tax returns can be beneficial for next year’s tax filing. This Year’s Tax Return Can Help Next Year’s Tax Filing It may be tempting to submit your annual tax returns and then not think about taxes for another year. But there is a better way. Planning ahead can save time and hassle next year and the learning gained in this year’s tax filing can…

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Child tax credit

What To Do About The “Child Tax Credit” Notice From The IRS

By Accounting Advice, Small Business Advice

As part of the stimulus law, there was a provision added that required IRS to begin distributing the child tax credit on a monthly basis for certain taxpayers.  This is nothing more than sending you a monthly check for the child tax credit you received in the past when you file your income tax return.   Many people are confused and think this is another stimulus check (money they never got before).  Here are a few things to consider:  …

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Why It’s Important to Keep Business Expenses Separate

By Accounting Advice, Small Business Advice

A key thing that every small business owner should do is to keep his/her personal and business expenses and all other finances separate.   Who Must Keep Personal and Business Finances Separate?   If a business is formed as a corporation, it is considered a separate legal entity so all finances and business expenses must be separated. If a business is formed as a sole proprietorship, there is no legal distinction between the business and its owner. Therefore, all profits,…

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Smart Ideas for Spending Your Tax Refund

By Accounting Advice, Small Business Advice

So, you have filed your annual tax forms and this year you get a tax refund. Yahoo! You are one of nearly 80 percent of Americans that get a refund on their tax returns. But what does that mean? What are Tax Refunds? Tax refunds are not a “lucky strike” or a surprising bonus. They represent a payback of an excess amount that taxpayers have remitted to the government as documented on their tax returns, essentially an interest-free loan to…

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gig economy tax requirements

Tax Requirements are Different in the Gig Economy

By Accounting Advice

Ahhh…the “side hustle,” a term popularized in the rise of the “gig economy.” This is where individuals work independently using freelance or short-term contracts. The “side hustle” (or multiple) can be done full-time or by supplementing traditional full-time employment. This phenomenon has grown over the past decade, now reaching 36 percent of all Americans, according to one survey.   Its popularity has surged due to technology that facilitates online/off-site work, the American spirit of innovation and independence, and the Coronavirus…

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Make Your Tax Preparation List and Check it Twice

By Accounting Advice

Tax preparation. Those two words can cause anxiety and bring fear and trepidation into the hearts of many small business owners. After all, tax preparation isn’t particularly pleasant, and every minute spent on this function is a minute diverted from income-producing and business-building activities. At the same time, accurate record-keeping and tax filing are critical functions that enable and protect the very life of a company. So, fear not. Review some important small business tax info and forms that are…

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So, What Does the Deferral Mean to My Taxes?

By Accounting Advice

The United States, and indeed the entire world, was rocked by the COVID-19 outbreak. In response, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and it was signed into law by President Donald Trump on March 27, 2020. It included one-time cash payments to individuals, increased unemployment benefits, forgivable loans for small businesses, loans for corporations, and funding for state and local governments. Additional relief was provided in the Consolidated Appropriations Act 2021, signed into law…

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Business Support Strategies Help Clear the Fog

By Accounting Advice, Small Business Advice

Business success requires three things: vision, a strategic plan, and effective execution. Easy to say but difficult to deliver. According to author Bill Hybels, “Vision is a picture of the future that produces passion.” Strategy is defined as the plan of action developed to achieve an aim or vision. And visionary inventor Thomas A. Edison completes the triad by stating, “Vision without execution is delusion.” What is Vision and Why is it Important? Vision is simply an image or picture…

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30 Documents You Need Before You Die

By Accounting Advice

It seems every year we get to assist someone who lost a loved one unexpectedly and there is one statement we hear over and over…..”I wish I had known that before he or she died”.  To help those who want to organize their financial affairs we put together a list of 30 documents you need before you die. After death, it is too late to ask questions of where items are kept, too late to change how items are titled,…

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