What You Need to Do Now to Financially Prepare for 2022

Every decade, it seems like there’s a “fill in the blank” issue that has never happened before and will forever change our lives. I remember the market crash in the late 1980s, the dot-com bust in the 1990s, Y2K in 2000, the September 11, 2001 attack, the housing bust, and the great recession of 2008-2009.…

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Operation Hidden Treasure: Cryptocurrency and taxes

Cryptocurrency has taken the world by storm, but what is and how is it taxed? Find out what you need to know about virtual currency and how it’s reported and taxed in today’s article. Virtual currency background Cryptocurrency is a type of virtual currency, but often the terms are used interchangeably.  Here is how the…

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5 Ways to make sure your tax return is processed ASAP

The IRS does not guarantee tax return processing times, but here are five ways to make sure your tax return is processed as quickly and as smoothly as possible to minimize any delay in receiving your refund.  1.) File your tax return electronically. Electronically filed tax returns typically get processed faster than mailed tax returns.…

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How to fix your tax return after making a tax filing mistake

If you made a mistake filing your taxes, you aren’t alone. Federal Income Taxes are complicated. If we can get through a lifetime of tax returns without making a mistake, we should get some kind of award. Let’s look at three situations for tax return mistakes. Your tax return is rejected when filing electronically.  The…

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What Should I do with an IRS Letter?

The IRS sends many types of letters. Some IRS letters don’t require any action on your part while other letters do require action and have deadlines. IRS letters shouldn’t cause alarm, but IRS deadlines should not be taken lightly.  In this article, find out what you need to do when you receive an IRS letter.…

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When can I deduct travel expenses on my federal tax return?

Before the Tax Cuts and Job Act of 2017, many more Americans were able to deduct travel expenses on their federal tax return. But after that act went into effect, employees could not deduct travel expenses for work (or any expenses for work on their federal tax return). However, some taxpayers can deduct travel expenses…

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What Tax Breaks End in 2021?

Parts of the tax code are scheduled to end nearly every year. Some of these provisions are extended, and sometimes they are extended retroactively. Find out which tax code provisions ended Dec. 21, 2021, unless Congress passes legislation to extend them and the president signs the legislation into law.  There are indications that legislation may…

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