Considering how much money is involved, this is a serious financial issue. Vacation time may be a time to relax and unwind, but if you are in a tourist area (cruise ships easily qualify) you need to keep at the highest alert or it might be the last vacation you can afford.
Level of expertise: No single accounting or tax professional can know everything in the field. Sometimes they need to call in a specialist or tag-team with another professional to perform their duties at the highest level. This is not incompetence; it is professional responsibility. If you have a complex issue, do not feel bad if your accountant needs help on that project. For the record, I often consult other professionals when writing posts for this blog. It is often a reason why I don’t publish more. I like to cover as many bases as possible.
When a cryptocurrency becomes worthless it isn’t treated the same as a worthless security on a tax return. As an asset, it needs to be sold before a loss is allowed. There are two ways you can get a tax deduction for worthless and nearly worthless crypto. We will discuss both methods (sale of asset and abandonment) below and the associated risks.
From the first days of my tax practice I have had an open door policy to clients and employees. This worked well when I had fewer clients and demand by new clients was limited. After over three decades in business I am finally closing the door to take my life back. It was a long overdue change.
Is it possible to turn non-deductible personal travel expenses into tax deductible business travel expenses? Yes! You can deduct your vacation as a business expense. . .
They call it flyover country, that central part of America people overlook on their way to another destination. The thought is that there is nothing to see down the backbone of America. But you would be wrong if thought that way. And the best way to see the heart of America is with a road trip.
Tax-loss harvesting is often bandied as a no-lose way to reduce taxes. Unfortunately, there are many pitfalls and under certain circumstances could actually increase your tax liability. Paying a service like Betterment to increase harvested losses only really works in a few limited situations.
Finding qualified employees is getting harder in the tax and accounting industry. You can either reduce your number of clients, outsource or increase automation. Gruntworx is a powerful tool automating much of the data entry process on a tax return. Tedious work is reduced so you can focus on the value added part of tax preparation: review and consulting.