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IRS: Tax implications on digital currencies
In recent years, cryptocurrencies like Bitcoin or Ethereum have seen their popularity grow significantly. Nonetheless, the Internal Revenue Service (IRS) issued a directive on the taxation of cryptocurrencies in 2019 and also began sending out thousands of warning letters to cryptocurrency investors who failed to file their tax returns. ‘taxes. The IRS knows that “virtual…
Read MoreEverything you need to know about tax planning in Florida
Florida is one of the lowest tax burdens in the entire United States. Here’s everything you need to know to understand Florida taxes and manage your money and business in a smart way.
Read MoreSuper simple money saving tips
According to a 2020 Financial Literacy survey from Savvy, 51.3% of respondents pay their credit card bills on time each month.
Read MoreCan IRS tax Bitcoin?
Virtual currency is a digital representation of value that functions as a medium of exchange
Read MoreWhat is IRS tax return?
A Tax return includes all the documentation related to incomes, credits, deductions, employer withholds, earnings and other tax information that can help to understand your financial situation each pay period
Read MoreDistributions from retirement accounts taxed over 3 year spread
Among the many provisions provided by the CARES Act is the Coronavirus-Related Distribution for individuals affected by COVID-19.
Read MoreThe tax kids pay is impacted by the SECURE Act
On Dec. 20, President Trump signed the SECURE Act. The new law is mainly intended to expand opportunities for individuals to increase their retirement savings. This had an impact not only retirees, but on a wide range of taxpayers. One of the big ones is an easing of the dreaded Kiddie Tax rules that can…
Read More4 tips for smart money management for professional athletes
Professional athletes face many challenges on and off the courts and one that appears to be the most daunting is money management. Peer pressure, expensive lifestyles, giving beyond their means and an irresponsible family planning are some of the most frequent pitfalls that can drive any man’s finances into the ground. Having a substantial income…
Read MoreHow Athletes can use the growth mindset to manage finances
How can we help athletes better manage money? Athletes with right mindset not only excel on their profession, but also can learn how to excel in money, finances and taxes. Some people call it ‘life -hack’ – the use of a ‘growth mindset’ to better manage finances and life for that matter. I recently came…
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