by Stephen Griffin | Jul 19, 2021 | Tax Accounting
Why Opt Out of Advance Child Tax Credits? The first payment of six monthly advance Child Tax Credit payments started Thursday, July 15, and will continue each month through the end of 2021 while the remainder of your total 2021 Child Tax Credit (CTC) will be applied...
by Jessica Benjamin | Jul 14, 2021 | Accounting for Small Business, Business Consulting, Tax Accounting
Paying Taxes On Hobby Income In recent years, especially 2020, many taxpayers have cultivated a wide variety of hobbies into money-making ventures to satisfy an entrepreneurial spirit or to supplement their household income. These hobbies span from photography and...
by Jessica Benjamin, Racheal Alvey | Jul 1, 2021 | Accounting for Business, Accounting for Credit Unions, Tax Accounting
Current Tax & Accounting News: June 2021 The latest news covering personal taxes, business taxes, accounting, accounting for credit unions and more. 2021 Child Tax Credit: Here’s who will get up to $1,800 per child in cash — and who will need to opt out...
by Rob Furman | Jun 21, 2021 | Tax Accounting
Records Retention For Personal And Business Income Taxes Income Taxes Records Retention For Personal And Business Taxes Indefinitely If you do not file a tax return or if you file a fraudulent return, keep your records indefinitely. 7 Years Keep records for 7 years...
by Jessica Benjamin, Racheal Alvey | Jun 1, 2021 | Accounting for Credit Unions, Tax Accounting
What Happened in May: Current Tax & Accounting News The latest tax and accounting news and information for personal taxpayers, businesses, and credit unions. Payments for the new $3,000 child tax credit start July 15. Here’s what to know May 25 2021 Katie Conner...
by Stephen Griffin | May 24, 2021 | Tax Accounting
Do I Pay Taxes on Cryptocurrency? Do I pay taxes on cryptocurrency? Did someone pay you in virtual currency? If you were paid with virtual currency for goods or services, then, yes, that payments is taxable income. Was your cryptocurrency received in an airdrop or in...
by Stephen Griffin | May 18, 2021 | Tax Accounting
Tax Implications of Cryptocurrency Just as “dollars” are the representation of United States currency, “coins” are the representation of cryptocurrencies. While you cannot hold crypto coins in your hand – they are virtual only, stored online – they are, nonetheless,...
by Jessica Benjamin | May 9, 2021 | Tax Accounting
IRS Says The Expanded Child Tax Credit for 2021 Will Start in July The American Rescue Plan Act (ARPA) signed into law by President Joe Biden in March includes a provision for expanding the child tax credit for 2021. Expanded Child Tax Credit to Provide Monthly Checks...
