IRS expects taxes to be paid on income as it is earned, referred to as the pay-as-you-go system. Therefore, individuals with income that isn’t subject to withholding taxes make estimated tax payments to the Internal Revenue Service (IRS) every quarter. Self-Employed individuals and small business owners must plan, estimate, and pay taxes quarterly to the…
The American Rescue Plan Act (ARPA) expanded the child tax credit for the tax year 2021 to help ease the financial burden on families caused by the pandemic. In 2021, the child tax credit amount increased. In addition, the age limit of a qualifying child increased to 17. It also made the tax credit fully…
Year-end tax planning for 2021 can be complicated due to new tax provisions and upcoming tax changes part of the new Build Back Better Act. It’s a critical time to use tax planning strategies to help you take advantage of financial opportunities and minimize your taxes. Everyone’s situation is unique so consult with a tax…
As the cryptocurrency market continues to grow the IRS has increased its efforts to increase cryptocurrency tax compliance. If you have bought cryptocurrency or are interested in buying there are a few things you should know regarding cryptocurrency taxation. What is Cryptocurrency? Cryptocurrency is a virtual currency that uses crypto technology to secure payment online.…