Got Bitcoin? You may owe taxes on cryptocurrency transactions! Some cryptocurrency investors have received letters from the IRS this month announcing that their federal tax returns don’t match the information received from virtual currency exchanges. The letters acknowledge that trading exchanges, not the taxpayers, may have made the errors, however this signals that the IRS
Holiday Tips To Make This Tax Season A Smooth One
Did you know that the IRS has issued a draft Partnership K-1 with extensive changes? Are you aware that the IRS has proposed new regulations for the limitation on the deduction of business interest? It may be time to contact your tax professional at Fuoco Group so that you have no surprises when your 2019
More Year-End Tax Planning Ideas for 2019
Thanksgiving is here and 2020 is right around the corner — there is no better time to consider your year-end tax planning! We don’t have a magic wand, but here are some tried and true tax minimization techniques our clients have found helpful over the years, especially since Tax Reform took effect: Deferring your income
Keep Your Boat Afloat With Tax Breaks
Fortunately for boat lovers, tax reform did not destroy all the benefits of boat ownership. Sure the love of the ocean breeze, inter-coastal sightseeing, fishing and water skiing on the lake are enough to bind a captain to his beloved vessel, but tax breaks make owning a boat a lot easier on the pocket book.
Financial Restructuring Tax Efficiently
Got Debt? No one can predict how the U.S. economy will rebound from COVID-19. For many business owners and companies, the crisis has permanently challenged their financial stability. To stay viable in this “new normal,” restructuring of your balance sheet and debt obligations may be part of your post-pandemic strategy, but the tax implications of
Residential And Commercial Solar Energy Credits Still Available
The government is still encouraging investment in solar energy and other alternative energy sources. As an incentive, the Internal Revenue Code offers a credit to taxpayers who install solar energy equipment in the form of a 30% credit for the costs of the solar panels and related equipment and material installed to generate electricity. It
Tax Consequences When Selling Your Home
Fall is a great time to seel your home, and if you’re planning to put your home on the market soon, you’re probably worrying about if it makes sense to give it a new coat of paint, or clean out the garage and basement. You are also probably worrying about how long it will take
Better Brackets And Benefits When Filing As Head of Household
The Head of Household status is considered to be the most advantageous filing status because taxpayers who qualify get a higher standard deduction and wider tax brackets compared to the single filing status. The Head of Household standard deduction will be $18,350 for tax year 2019 compared to single taxpayers and married individuals filing separately,
A Dozen Ways Divorce Or Separation Impacts Your 2019 Tax Return
Recently separated or divorced from your spouse? Considering a break-up? Here are some important tax rules to keep in mind: 1. You’re still considered married by the IRS if your divorce is not yet final as of December 31, even if you or your spouse filed for divorce earlier in the year. 2. If the
Take A Second Look At Opportunity Zones
Time is running out if you have been considering investments in qualified opportunity zone properties and businesses. The deadline to get the full 15 percent step-up in basis afforded to realized capital gains is December 31, 2019. Opportunity Zones are a way to encourage more investment in economically distressed communities. They were slow in gathering
