Despite the COVID-19 pandemic, political unrest and severe weather events, the Tax Court has continued to churn out decisions affecting individual and business taxpayers. Here’s a brief sampling of several cases that may be of particular interest. Coming Up Aces. (Coleman, TC Memo 146, 10/22/20) You can generally deduct gambling losses up to the amount of your…

Here are some ideas to lower your business taxes, get organized, and to prepare for filing your 2021 tax return. As 2021 winds down, here are some ideas to consider in order to help manage your small business and prepare for filing your upcoming tax return. Identify all vendors who require a 1099-MISC and a…

And you might be a victim! For generations we’ve been taught by our parents to save. Save for a bicycle. Save for college. Save for retirement. And then, in retirement, you could count on this savings to earn interest. Millions of Americans used Certificates of Deposits (CDs) and low risk bonds to ensure they could…

There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider: Tax loss harvesting. If you own stock in a taxable account that is not in a tax-deferred retirement plan, you can sell your underperforming stocks by December…

Understanding the world of NFTs The collectibles industry used to be defined by classic keepsakes such as stamps, coins, and trading cards. Today, a new kind of collectible called non-fungible tokens (NFTs) has exploded in popularity. From music to digital game pieces, NFTs are digital assets that sometimes sell for millions of dollars. Twitter co-founder…

The accounts payable process is typically very labor-intensive for many small business owners. While moving to a paperless environment may help alleviate some of your accounts payable headaches, there will be new problems you’ll have to successfully navigate. Here are some of the most encountered accounts payable problems and several solutions to consider. Common problems…

Know the way loans work…and use it to your advantage! Every banker knows that the majority of the money they make on a loan is made in the first few years of the loan. By understanding this fact, you can greatly reduce the amount you pay when buying your house, paying off your student loan,…

With identity thieves continuing to target the tax community, the IRS is urging you to learn the new signs of identity theft so you can react quickly to limit any damage. The common signs of ID theft Here are some of the common signs of identity theft according to the IRS: In early 2022, you…

Recent high inflation rates are driving up the price for almost everything and eroding the value of your money. With varying opinions on the potential duration of the current inflation surge, it’s important to understand the causes and how you can protect your money. Possible causes of this inflation While the root causes of inflation…