Category: Tax

Tax

7 Facts to Know about the Adoption Tax Credit by Joanie Stein, CPA


Posted on January 21, 2023 by Joanie Stein

Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families may […]

Reporting Cryptocurrency Transactions while Minimizing the Tax by Lewis Taub, CPA


Posted on January 19, 2023 by Lewis Taub

The IRS has new tools at its disposal to crack down on taxpayers who fail to report gains and losses from cryptocurrency transactions in 2023. In this environment, it is critical taxpayers understand their obligations to pay taxes on crypto transactions and look for potential opportunities to minimize those liabilities. Cryptocurrency Tax Compliance In 2014, […]

UPDATE: IRS Delays Reporting Requirement for Transactions Involving Venmo and other Payment Apps by Savannah Snow, CPA


Posted on December 17, 2022 by Savannah Snow

Mobile payment processing apps, such as PayPal, Venmo, Cash App and Square, have made it easy for friends and family to send and receive payments as gifts or reimbursements for shared expenses. These platforms have also spread to the commercial sector, where many businesses accept them as forms of payment for goods and services. It […]

IRS Increases Retirement Plan Contribution Limits for 2023 by Jack Winter, CPA/PFS, CFP


Posted on December 08, 2022 by Jack Winter

The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]

Consideration to Address before Buying a Second Home by Rick D. Bazzani, CPA


Posted on December 06, 2022 by Rick Bazzani

According to the National Association of Realtors, sales of second homes spiked dramatically during the first two years of the pandemic due, in part, to historically low interest rates and the ability to work remotely from anywhere in the world. Today, even as home sales have slowed slightly, purchasing a second home for personal enjoyment, […]

Year-End Tax Planning Amid Economic Uncertainty by Tony Gutierrez, CPA


Posted on November 29, 2022 by Anthony Gutierrez

Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]