Income Tax Archives - FREE Yourself from IRS Problems

Shamsey Oloko February 27, 2023 Capital Gains, Capital Losses, Digital Assets, Income, Income Exclusions, Income Tax, Income Tax Return 0

What Are Digital Assets?

In 2014, the IRS issued guidance explaining that virtual currency is treated as property for income tax purposes. It stated that tax principles applicable to transactions involving other types of property apply to virtual currency. In the last two years, the…

Shamsey Oloko January 28, 2023 Charitable Contributions, Child and Dependent Care Credit, Child Tax Credit, Clean Vehicle Tax Credit, Earned Income Tax Credit (EITC), Form 1040, Form 1099-K, Income Tax, Income Tax Return, Taxable Income, THORGOOD Law Firm 0

Good Things to Know When Filing Your 2023 Taxes

It’s 2023 and a new year means it’s tax filing season. As taxpayers, we need to take some key steps as we prepare to file our 2022 federal unfiled tax returns new york. While some useful tax tools are no…

Shamsey Oloko January 17, 2023 Income, Income Tax, Income Tax Return, IRA, Retirement Accounts, Roth IRA 0

If You Are Age 72 or Over, You Must Make Required Minimum Distributions from IRAs and Retirement Plans to Avoid Penalties

If you are a taxpayer, you are required to take annual Required Minimum Distributions (RMDs) from your IRA and retirement plans when you reach age 72. Every year as the new year begins, the IRS reminds us that if you…