Erin M. Collins Source: Erin M. Collins If you’re one of the millions of Americans grappling with IRS issues, you may not realize there’s another option for your unresolved problems. The T...
Tag: Taxes
Report – Taxes Bitcoin News
India’s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. “We have a long list of people who were trans...
Trust Beneficiaries and Taxes
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income, rather than the trust itself paying the tax. However, such beneficiaries are not subject t...
Austin Mayor Proposes Bitcoin to be Accepted for Payments for Taxes, Fees, Penalties
Steve Adler – the mayor of Austin, Texas – proposed two initiatives to turn the city into a “global leader in the crypto space.” The first includes further promotion of the benefits of blockchain tech...
Bipartisan lawmakers push for IRS answers on problems facing taxpayers
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images A group of bipartisan lawmakers is pressing the IRS for answers on lingering is...
Hey, Gig Worker! Prepare for a Lot More Work When You File Your Taxes.
Self-employed workers who quit salaried jobs last year in the “Great Resignation”—the biggest corporate exodus on record—may find themselves reminiscing about the good old days on a payroll as they pr...
Cash-rich states are slashing taxes amid revenue windfalls
Anchiy | E+ | Getty Images And this year, at least a dozen states have made cuts or are eyeing reductions, including both temporary and permanent measures, according to the Tax Foundation. While the...
How To Claim Bad Debt Losses On Your Taxes
Money tree loses leaves getty Let’s say that, a few years ago, I individually made a sizable loan to a friend. Since there is no chance I will be repaid, can I report a tax deduction for the amount I ...
Thailand Approves Tax Relief Measures for Crypto Trading – Taxes Bitcoin News
The Thai Cabinet has approved tax relief measures for crypto trading. The new tax rules are “much more friendly to both investors and industry,” said an executive of a cryptocurrency exchange in Thail...
Estate and Gift Taxes 2021-2022: What’s New This Year and What You Need to Know
The federal estate- and gift-tax exemption applies to the total of an individual’s taxable gifts made during life and assets left at death. Above the exemption, the top rate on such transfers is 40%. ...
New Jersey governor floats property tax relief for homeowners, renters
New Jersey Gov. Phil Murphy delivers a victory speech on Nov. 3, 2021, in Asbury Park, New Jersey. Eduardo Munoz Alvarez | Getty Images Property tax relief may soon be coming to New Jersey. Gov. Phil ...
Swiss City signs partnership with Tether to enable citizens to pay taxes in cryptocurrency
The Swiss city of Lugano is known for technical innovation, and is aiming to establish itself as a hub for cryptocurrencies. The City recently signed a partnership with Tether to establish a center of...
Why Moving to a State with Low Income Taxes Could Cost You
That’s what financial professionals are telling clients who are fed up with high income tax rates in their home state and weighing an out-of-state move. They’re counseling clients to take an in-depth ...
Crypto breaking: Colorado will accept cryptocurrency as payment for taxes
Colorado Governor Jared Polis said on Wednesday that cryptocurrencies would be accepted as payment for state taxes and levies for the first time. Polis announced, “will accept digital coin payments an...
Proposed Taxes On Resin Would Exacerbate Inflation
Taxes are a necessary evil to pay for the cost of our government, but there are good taxes and bad taxes—and sometimes it can be difficult to distinguish between the two. But it is important that we d...
how it affects your tax return
Your filing status is the backbone of your tax return, and checking the wrong box can be costly. Yet many filers still confuse single and head of household, financial experts say. “Most people a...
What to know before filing business taxes for the first time
In 2021, amid the ongoing pandemic and “Great Resignation,” Americans filed a record 5.4 million applications for new businesses, according to data from the U.S. Census Bureau. That means ...
Colorado Will Allow Residents to Pay Taxes with Crypto
Colorado has set forth a new law that will allow people to pay for taxes and fees with cryptocurrency. Colorado Says “Yes” to Crypto Payments for Tax Fees Governor Jared Polis announced the news late ...
Taxes Are a Wild Card for Public Companies Holding Crypto
Block Inc., formerly known as Square, made modest bitcoin investments totaling $220 million during 2020 and 2021. Since then it has recorded impairment losses of $77 million, leaving a carrying value ...
Many Americans Will Be Getting Smaller Tax Refunds This Year. Here’s Why.
The flood of federal pandemic-relief money was welcome last year, but it is causing disappointment and confusion as taxpayers prepare their 2021 returns. Many will be getting smaller-than-expected ref...
Colorado’s Polis says the state will accept crypto for taxes by this summer
advertisement Jared Polis, the Governor of Colorado (D), explained in an Ethereum-focused speech in Denver on February 18 that Colorado will accept state taxes and fees in cryptocurrency by the summer...
Cheap, Boring Advice for Retirement Savers: Minimize Taxes, Rebalance Regularly
Wealth advisor Susan Elser of Indianapolis says investing should be cheap and unexciting. Her firm has six advisors and manages $635 million in assets. She has no research staff to keep costs down, an...
New Bill Proposed in Georgia to Exempt Miners From Taxes
Strategic commercial partnerships and a tax exemption bill pave the way for profitable commercial mining in Georgia. A new House Bill, HB1342 has been put forth by Georgia Representatives Don Parsons,...
Here’s what the end of Covid tax breaks means for business owners
Samuel Corum/Bloomberg via Getty Images Rules around small business taxes have changed significantly in the last two years. This year is no exception as many of the various pandemic-era deductions and...