By now you’ve likely heard of the new digital currency that businesses are accepting as a form of payment for their products and services. In fact, there were over $500 million worth of transactions processed with bitcoins in April and that number is slated to increase to $750 million in May. As the market continues to grow, find out what should participants and businesses should know about the tax ramifications for such a currency. Read More.
Since the Bush-era tax cuts were extended in the first week of the year, the focus has now shifted back to reforming tax policy. Recent developments suggest that capital gains taxes will actually rise in the not so distant future. Read More.
Many taxpayers are now starting to file their tax returns as the January 30th IRS processing date is upon us. If you are using a CPA or Enrolled Agent to prepare your return or an online tax software program, you’ll know very soon if you will be receiving a federal and state tax refund, if applicable. If you will be receiving a lower refund as compared to last year, there’s no doubt that you’re going to be asking some questions. What are some of the reasons why your tax refund may be lower this year? Read More.
Many debtors may have reached an agreement with their lender to settle their debts in 2012. The tax implications for doing so, depend largely on what type of debt was relieved and the financial state of the debtor. Did you have debt relieved in 2012? Read More.
Many investors are now on the fence as to what to do with their unrealized capital gains. On one hand, investors are attracted by the chance to only pay 15% on long-term capital gains as opposed to 20% or 23.8% in 2013. On the other hand, investors that sell now will still have to pay a tax instead of deferring it to later years, unless of course they’re in the 15% tax bracket or lower. What should you do? Read More.
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