December 2019

Yes, December 31 is just around the corner.   That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now!   Take Your Child’s...

As with all financial transactions, divorce comes with tax consequences. And those consequences have changed for tax years 2018 and later thanks to the Tax Cuts and Jobs Act (TCJA).   General Rule   The general tax rule in a divorce is that you can divide up most assets,...

Imagine this: you didn’t issue Form 1099s to your contractors.   Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct?   No. IRS auditors often make this claim, but they are incorrect.   There...

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.   Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes:   If you receive bitcoin in exchange...